Bridge Industrial LLC acquired a $28.5 million construction loan for a 167,281-square-foot, to-be-built Class A warehouse and distribution building in South Plainfield, according to a Monday announcement from JLL Capital Markets, which arranged the loan with CIBC.
Located at 1 Cragwood Road, the property known as Bridge Point South Plainfield II is situated on 14.825 acres. Currently an office building, the asset, which will be demolished, will be improved with a best-in-class distribution center designed to meet the demands of the market’s top distribution tenants. The project is set to have 36-foot clear heights, 26 dock height doors and two drive-in doors.
Located just off Interstate 287, the asset will offer easy access to north and south entry and exit ramps. Additionally, Interstate 287 provides fast access to the New Jersey Turnpike, Interstate 78, Route 440 and other major highways in central and northern New Jersey. The property’s location offers exceptional access to major transportation hubs in the Region, high-volume port facilities and Newark Liberty International Airport. Additionally, the property is located in an area easily accessible to a large and varied labor pool, from unskilled labor to an executive demographic, and is 24 miles southwest of New York City.
The JLL Capital Markets Debt & Equity Advisory team was led by Senior Managing Directors Jon Mikula and Michael Klein and Vice President Michael Lachs.
“JLL is pleased to have secured construction financing for another speculative development project on behalf of Bridge Industrial,” Klein said. “There is still ample liquidity in the lending market for well-located development projects by premiere sponsors.”
