Plans for Bridge Point South Plainfield II at 1 Cragwood Road call for 167,281 square feet of new high-end industrial space just off Interstate 287. — Rendering courtesy: JLL
By Joshua Burd
Bridge Industrial has closed on a nearly $29 million construction loan for a project that will bring more than 167,000 square feet of new industrial space to South Plainfield.
According to JLL, which sourced the debt, CIBC provided the financing in connection with what’s known as Bridge Point South Plainfield II at 1 Cragwood Road. The developer’s plans call for a to-be-built warehouse and distribution facility totaling 167,281 square feet, one that will benefit from a location just off Interstate 287 and minutes from the New Jersey Turnpike, Interstate 78, Route 440 and other major highways.
JLL senior managing directors Jon Mikula and Michael Klein and Vice President Michael Lachs led the team that secured the $28.5 million loan.
“JLL is pleased to have secured construction financing for another speculative development project on behalf of Bridge Industrial,” Klein said. “There is still ample liquidity in the lending market for well-located development projects by premiere sponsors.”
In a news release, JLL said Bridge Point South Plainfield II will have 36-foot clear ceiling heights, 26 dock height doors and two drive-in doors. The facility will occupy a 14.825-acre site that is currently home to an office building, which will be demolished to make way for the redevelopment and provide a new user with connectivity to Port Newark-Elizabeth, Newark Liberty International Airport and a strong labor pool.
