Bridge Industrial has 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, while CBRE’s Chicago office arranged the deal.
Completion of the Class A warehouse is scheduled for the second quarter of this year. The property is expected to feature 40-foot clear heights, 47 loading doors, two drive-in doors, 49 trailer stalls and 181 parking spaces. In addition, the rear-load facility is set to have 130-foot truck courts, expansive column spacing, ESFR sprinkler systems and a build-to-suit office.
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The building will rise on 26.6 acres at 999 Cranbury S. River Road within the Exit 8A submarket, providing easy access to Interstate 95. The Port of New York and New Jersey will be some 32 miles away, while the Port of Philadelphia is 50 miles from the site. The facility will also be less than 3 miles from a 611,000-square-foot warehouse where GXO Logistics signed a full-building lease last March.
The CBRE team that secured the financing included Vice Chairman Steve Roth and Senior Vice President Ryan Kieser. Mesa West Capital Vice President Brian Hahn, together with Executive Director Matt Snyder and Analyst Jacob Rosen, led the origination team.
New Jersey’s industrial sector holds steady
New Jersey had nearly 8.5 million square feet of industrial space under construction as of November last year, representing 1.5 percent of its total stock, according to a recent CommercialEdge report. Recent completions in the market include Alcamo Capital’s 261,646-square-foot industrial facility, which opened last month.
In terms of sales, New Jersey had the highest price per square foot in the Northeast region, reaching $215 in November. In one of the most notable transactions of last year, Urban Edge Properties sold a seven-building portfolio for $217.5 million.