JLL Capital Markets arranged bridge financing for a Bridge Industrial Class A warehouse located in Piscataway.
According to a Nov. 18 announcement from the global commercial real estate and investment management company, it worked on behalf of borrower Bridge Industrial to secure the $27.1 million in funding through PPM America Inc.
Located at 10 Constitution Ave., the 147,620-square-foot distribution center property offers a location less than 1 mile from Interstate 287, 5 miles from the New Jersey Turnpike, 17 miles from the Port of Elizabeth and 26 miles from New York City. Within a day’s drive of more than half the U.S. population, the site enables efficient fulfillment capabilities across the Northeast, JLL said.
The warehouse sits on more than 12 acres. It can accommodate single or multi-tenant configurations and features:
- 3,000 square feet of office space
- 36-foot clear ceiling heights
- 41 dock-high doors
- Two drive-in doors
- 118 car parking spaces
- 57 trailer stalls
According to Bridge Industrial’s website, it completed Bridge Point Constitution at 10 Constitution Ave. in the third quarter of 2024.
An ‘attractive’ opportunity
Senior Managing Directors Michael Klein and Jon Mikula, along with Analyst Kevin Badger, led the JLL Capital Markets team.
Klein noted that, “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.”
Mikula added lenders have a strong appetite to provide financing for “quality industrial projects that require more time to achieve full stabilization.”
In April, Mikula and Klein also led a Debt & Equity Advisory team that arranged $28.5 million in construction financing for Bridge Point South Plainfield II. The project from Bridge Industrial will bring a another warehouse and distribution center to Middlesex County. The 167,281-square-foot project will rise at 1 Cragwood Road in South Plainfield.
Within New Jersey, Bridge Industrial has development 15 million square feet across 24 buildings, earning six BOMA 360 and 14 LEED certifications.
