Bridge Industrial LLC will bring a 314,413-square-foot warehouse and distribution project to East Hanover, after securing $33 million in construction financing for the project.
JLL announced it arranged the funding for the development of Bridge Point East Hanover Oct. 17, working on behalf of the borrower to arrange the four-year, floating-rate loan through Hartford Investment Management Co. (HIMCO).
Situated at 11 Mt. Pleasant Ave. in the Eastern Morris industrial submarket, the property will include 32-foot clear heights, 62 dock-high doors, and parking for 60 trailers and 100 cars upon completion, according to JLL.
In its Third Quarter Industrial Insight report for 2022, JLL reported a 4.4% vacancy rate in the Morris submarket with rents for warehouse and distribution space posting an average total asking price of $16.03 per square foot.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Associate Ryan Carroll.
“JLL is pleased to have secured construction financing for this to-be-built Class A warehouse distribution project,” Klein said in a prepared statement. “While the availability of construction financing continues to recede, money is available for premier developers such as Bridge Industrial.”
Bridge Point East Hanover’s location offers exceptional access via Interstates 80, 287 and 280; Routes 46, 10 and 202; and Newark International Airport and the Port of New York and New Jersey. The site gives prospective occupiers the ability to reach 73% of the U.S. population within a 24-hour drive, JLL said.