JLL Capital Markets on Tuesday said announced it arranged $27.1 million in bridge financing for Bridge Point Piscataway, a Class A distribution center in Central New Jersey. The loan, secured on behalf of the borrower, Bridge Industrial, was provided by PPM America, Inc.
The 147,620-square-foot warehouse, located at 10 Constitution Ave. in Middlesex County, is a key asset in the state’s premier logistics corridor. The financing deal reflects continued strong lender interest in high-quality industrial projects, even those requiring more time to achieve full occupancy.
“Despite a prolonged lease up period, Bridge Point Piscataway’s superior design specifications and strategic location along the Interstate 287 corridor created an attractive financing opportunity,” Michael Klein, senior managing director at JLL said.
The JLL Capital Markets team that handled the transaction included Senior Managing Directors Klein and Jon Mikula, along with Analyst Kevin Badger.
The state-of-the-art facility is purpose-built for high-volume logistics operations, offering premium features that make it highly functional for distribution across the Northeast:
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36-foot clear ceiling heights.
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41 dock-high doors and two drive-in doors.
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57 trailer stalls and 118 car parking spaces on the 12.84-acre site.
The property’s strategic location provides exceptional connectivity, sitting less than one mile from Interstate 287 and only five miles from the New Jersey Turnpike. This placement puts the facility within 17 miles of the Port of Elizabeth and 26 miles of New York City, enabling efficient distribution to more than half of the U.S. population within a day’s drive.
“There is a strong appetite on behalf of lenders to provide financing for quality industrial projects that require more time to achieve full stabilization,” Mikula said.
