Bridge Point Bayonne at 63 New Hook Road in Bayonne — Courtesy: JLL
By Joshua Burd
Bridge Industrial has landed more than $86 million in financing for some 356,000 square feet of newly built warehouse space in Bayonne, in a transaction arranged by JLL.
The lender, Barings, provided the floating-rate bridge loan as the developer continues to market the facility at 63 New Hook Road. JLL noted that the 355,580-square-foot project is the only Class A, first-generation cross-docked building available in northern New Jersey, boasting features such as 40-foot clear ceiling heights, 70 dock doors, four drive-in doors, parking 213 for cars and 56 trailers and 55-foot by 50-foot column spacing.
The warehouse also has full truck circulation and four ingress and egress points, JLL said.
“Northern New Jersey’s industrial market is showing robust signs of recovery, with improving economic conditions driving renewed tenant demand,” the firm’s Jon Mikula said. “The property sits in a densely developed area where new industrial development is limited to redevelopment opportunities only, making Bridge Point Bayonne a rare and exceptional opportunity in this supply-constrained environment.”
The JLL debt placement team included Mikula and Michael Klein, senior managing directors, along with Vice President Michael Lachs and Analyst Kevin Badger. They added that Bridge Point Bayonne, which sits on 17.6 acres, is directly off Route 440, less than a mile from the GCT Bayonne Container and Rail Terminal and 1.5 miles from New Jersey Turnpike Exit 14A, providing easy access to Manhattan and Newark Liberty International Airport.
The property, which was completed in October 2024, serves a population exceeding 9 million residents within a 15-mile radius and occupies a location where developable industrial land remains extremely scarce, JLL said.
“The market is still absorbing Class A warehouse and distribution space that has recently been delivered, but the overall lending market recognizes that they have a unique opportunity to lend to premier industrial developers on the best-in-class facilities that feature all of the attributes that today’s tenants are looking for,” Klein said. “As a result, we are seeing very attractive loan terms being offered that provide borrowers more time for the market to bounce back and not have to settle for lease terms that are below their proforma underwriting. It’s a win-win situation for lenders and borrowers.”
