Plans for Bridge Point South Plainfield call for a new 189,059-square-foot industrial building at 602 New Market Ave. in South Plainfield. — Courtesy: JLL
By Joshua Burd
Bridge Industrial has secured a $25 million construction loan for a project that will bring nearly 200,000 square feet of new industrial space to northern Middlesex County.
According to JLL, which arranged the financing, the South Plainfield facility is slated for delivery in the fourth quarter of this year. Plans call for a single 189,059-square-foot building at 602 New Market Ave. with 36-foot clear ceiling heights and other modern features, in a location some two miles from Interstate 287 and minutes from the New Jersey Turnpike.
Simmons Bank is providing the three-year, floating-rate construction loan.
“Given the continual demand for industrial space in New Jersey, submarkets within Middlesex County are providing opportunities to provide best-in-class last mile projects such as Bridge Point South Plainfield,” said JLL’s Jon Mikula, who represented Bridge Industrial alongside Michael Klein and Michael Lachs. Mikula and Klein are senior managing directors in the firm’s Morristown-based capital markets group, while Lachs is a vice president.
The brokerage team said the building, which will sit on a 20.7-acre site, will be available to a single tenant or multiple users. The facility is slated to have 50 dock-high doors, two drive-in doors, office space and parking for 70 trailers and 176 vehicles, offering a location with strong highway access and a deep labor pool.
“Lender interest in spec industrial development continues to remain strong, as the northern and central New Jersey industrial market continues to see historically low vacancy rates, increased rental rates and an overall supply demand imbalance in the market,” Klein said.