A project by Bridge Logistics Properties will bring 76,230 square feet of new industrial space to a site at 485 Elizabeth Ave. in Somerset — Rendering courtesy: JLL
By Joshua Burd
Bridge Logistics Properties has obtained $10.3 million in construction financing for more than 76,000 square feet of new speculative warehouse space in the Somerset section of Franklin.
According to JLL, which sourced the debt, Wintrust Bank provided the loan in connection with the project at 485 Elizabeth Ave., where construction is underway and is slated to conclude in late 2025. At that time, the developer expects to deliver a 76,230-square-foot facility with 40-foot clear ceiling heights, 50- by 50-foot column spacing, 10 dock doors, one drive-in door, 36 car parking spaces and a 135-foot truck court.
JLL senior managing directors Jon Mikula and Jim Cadranell and Senior Analyst John Cumming led the debt advisory team on BLP’s behalf, touting the site’s accessibility from Interstate 287, population density and strong market fundamentals. Prospective tenants will also have easy connections to other highways such as Interstate 78, the New Jersey Turnpike and Route 1, as well as Newark Liberty International Airport and the Port of New York and New Jersey.
“This project is well-positioned to capitalize on the area’s strong industrial demand and limited supply,” Cadranell said. “Its strategic location and modern specifications make it an attractive option for potential tenants.”
The firm noted that the 7.48-acre parcel sits in a dense industrial cluster with more than 7 million square feet of logistics property nearby, creating high barriers to entry for future development and reaffirming the desirability of the location for tenants.
“Best-in-class sponsors with viable spec industrial developments continue to attract multiple financing options,” Mikula said.
