Mesa West Capital Provides $54M Construction Loan on N.J. Industrial Complex
Located directly off I-95, Bridge Point 999 will add 291,758 SF to an undersupplied submarket
By Brian Pascus January 8, 2024 11:31 am
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Chicago-based Bridge Industrial has secured a $53.5 million construction loan to build Bridge Point 999, a nearly 300,000-square-foot industrial logistics property in South Brunswick, N.J., Commercial Observer has learned.
Mesa West Capital’s Brian Hahn, Matt Snyder and Jacob Rosen provided the financing, which was arranged on behalf of sponsor CBRE (CBRE)’s Steve Roth and Ryan Kieser from the firm’s Chicago office.
“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 in a statement.
Located at 999 Cranbury – South River Road, directly off the New Jersey Turnpike (Interstate 95), Bridge Point 999 boasts 291,758 square-feet on nearly 27 acres. The industrial site sits within a one-day drive of 40 percent of the U. S. population, and is less than two hours away from both the Port of New York and New Jersey and the Port of Philadelphia.
Hahn noted that the Central New Jersey submarket for modern industrial property remains tight, largely due to a lack of supply. The asset class carried a 4.6 percent vacancy rate in the region, according to CoStar.
“Within the [Exit-8A] submarket market there remains a shortage of modern distribution centers between 100,000 and 300,000 square feet,” said Hahn. “This points to high market demand for this undersupplied industrial product.”
Upon completion, Bridge Point 999 will feature numerous assets of modern rear-load logistics: 40-foot clear heights, 47 load-in doors, 130-foot truck courts, 49 trailer parking stalls, and 181 parking spots.
Completion on the property is set for the second quarter of 2024.
Brian Pascus can be reached at bpascus@commercialobserver.com
