Bridge Industrial Lands $29M for New Jersey Industrial Development
Bridge Industrial has received $28.5 million in construction financing for Bridge Point South Plainfield II, a 167,281-square-foot warehouse and distribution building in South Plainfield, N.J. CIBC provided the loan, in a deal arranged by JLL Capital Markets.
The developer plans to demolish the existent office building and transform it into a Class A distribution center. The project is slated for completion in the fourth quarter of this year.
The speculative development project will feature 36-foot clear heights, 26 dock height doors and two drive-in doors.
Senior Managing Directors Jon Mikula and Michael Klein, alongside Vice President Michael Lachs, led the JLL Capital Market’s Debt & Equity Advisory team working on behalf of the borrower.
Bride Industrial’s New Jersey projects
Located at 1 Cragwood Road, within the Middlesex County, Bridge Point South Plainfield II is taking shape near Interstate 287. Upon completion, the development will have access to major transportation hubs in the region, high-volume port facilities and the Newark Liberty Airport.
Bridge Industrial previously received $25 million in financing for Bridge Point South Plainfield, a 189,059-square-foot Class A warehouse and distribution facility located at 602 New Market Ave. Simmons Bank provided the three-year, floating-rate loan back in 2022, arranged by JLL Capital Markets.
Earlier this year, the company also secured $53.5 million in financing for the development of Bridge Point 999, a 291,758-square-foot industrial building in South Brunswick, N.J. Mesa West Capital provided the loan.
New Jersey had approximately 7.5 million square feet underway across 35 projects in February—accounting for 1.3 percent of existing stock—according to a recent CommercialEdge report. This marks a considerable increase compared to last year’s same period, when 1.4 million square feet were under construction.
The metro recorded the largest sales volume in the Northeastern region in the first couple of months of the year, reaching $171 million, the same data shows.
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