JLL Capital Markets announced Nov. 18 that it has arranged $27.1 million in bridge financing for Bridge Point Piscataway, a Class A, 147,620-square-foot warehouse located at 10 Constitution Ave. in Piscataway.
JLL worked on behalf of the borrower, Bridge Industrial, in securing a loan through PPM America Inc. Bridge Industrial is a privately owned, vertically integrated real estate operating company and investment manager based in Chicago with an office in Parsippany. PPM America is a Chicago-based institutional asset manager with $83.51 billion in assets under management.
The distribution center has 36-foot clear ceiling heights, 41 dock-high doors and two drive-in doors designed for high-volume logistics operations. The facility has 118 car parking spaces and 57 trailer stalls on a 12.84-acre site, supporting large-scale distribution activities. The warehouse includes 3,000 square feet of office space and can accommodate single or multi-tenant configurations.
The property’s location is less than a mile from Interstate 287, five miles from the New Jersey Turnpike, 17 miles from Port of Elizabeth and 26 miles from New York City. This proximity places the property within a day’s drive of more than half of the U.S. population.
The JLL Capital Markets team was led by Senior Managing Directors Michael Klein and Jon Mikula, along with Analyst Kevin Badger.
“Despite a prolonged lease up period, Bridge Point Piscataway’s superior design specifications and strategic location along the Interstate 287 corridor created an attractive financing opportunity,” said Klein.
Mikula added that, “There is a strong appetite on behalf of lenders to provide financing for quality industrial projects that require more time to achieve full stabilization.”
