Plans for Bridge Point East Hanover, depicted in this rendering, call for a 314,413-square-foot industrial building at 11 Mount Pleasant Ave. in East Hanover. — Courtesy: JLL
By Joshua Burd
Bridge Industrial has obtained a $33 million construction loan for a project that will bring more than 300,000 square feet of new warehouse space to Morris County.
According to JLL, which placed the debt, Hartford Investment Management Co. is providing the four-year, floating-rate financing in connection with what’s known as Bridge Point East Hanover. Located at 11 Mount Pleasant Ave., the development will span 314,413 square feet in a facility likely serving eastern Morris County and western Essex County, with 32-foot clear ceiling heights, 62 dock-high doors, and parking for 60 trailers and 100 cars.
JLL senior managing directors Michael Klein and Jon Mikula and Associate Ryan Carroll led the assignment for the Morristown-based brokerage team.
“JLL is pleased to have secured construction financing for this to-be-built Class A warehouse distribution project,” Klein said. “While the availability of construction financing continues to recede, money is available for premier developers such as Bridge Industrial.”
In announcing the deal, JLL touted the site’s location 25 miles west of New York City and 90 miles northeast of Philadelphia. It’s also just off Route 10 and 10 miles or less from multiple highways, including interstates 80, 287 and 280 and routes 46, 10 and 202, while users will be able to reach 73 percent of the U.S. population within a 24-hour drive.
