Bridge Point 999 at 999 Cranbury South River Road in South Brunswick is slated to include 291,758 square feet of modern logistics space. — Rendering courtesy: Mesa West Capital
By Joshua Burd
Bridge Industrial is nearing completion of some 292,000 square feet of new industrial space in South Brunswick after securing nearly $54 million in construction financing.
The lender, Mesa West Capital, announced the deal this week, noting that it will support the developer’s Bridge Point 999 project at 999 Cranbury South River Road and adjacent to the New Jersey Turnpike. Slated for completion this spring, the 291,758-square-foot facility will have 40-foot clear ceiling heights, expansive column spacing, 47 loading doors, two drive-in doors, 130-foot truck courts, 49 trailer parking stalls and 181 car parking spots.
Mesa West Capital Vice President Brian Hahn led the New York- and Chicago-based origination team along with Executive Director Matt Snyder and Analyst Jacob Rosen. Steve Roth and Ryan Kieser of CBRE’s Chicago office sourced the $53.5 million loan.
“This opportunity allows us to provide financing for state-of-the-art, Class A industrial product to a leading sponsor in a highly strategic submarket,” Hahn said. “Furthermore, within the 8A submarket market there remains a shortage of modern distribution centers between 100,000 and 300,000 square feet. This points to high market demand for this undersupplied industrial product.”
The rear-load building, which will occupy a 26.6-acre parcel, is coming to an Exit 8A submarket that has a 4.6 percent vacancy rate, Mesa West said, citing CoStar data. Tenants in the area are within a day’s drive of 40 percent of the U.S. population, while they have easy access to both Port Newark-Elizabeth and the Port of Philadelphia.
