A Class A warehouse and distribution building set for South Plainfield has secured construction financing.

JLL Capital Markets announced the $28.5 million loan for Bridge Point South Plainfield II April 29. The forthcoming building will total 167,281 square feet at 1 Cragwood Road in Middlesex County. The commercial real estate and investment management company arranged the funding with CIBC on behalf of Bridge Industrial LLC. Additional terms were not disclosed.

Situated on nearly 15 acres, the project will demolish an office building to establish a distribution center to serve the market’s top tenants, according to JLL. According to Bridge’s website, the project is slated for delivery in the fourth quarter of this year.

The JLL Capital Markets Debt & Equity Advisory team was led by Senior Managing Directors Jon Mikula and Michael Klein as well as Vice President Michael Lachs.

“JLL is pleased to have secured construction financing for another speculative development project on behalf of Bridge Industrial,” commented Klein. “There is still ample liquidity in the lending market for well-located development projects by premiere sponsors.”

Accessibility

Bridge Point South Plainfield II is located just off Interstate 287. It offers access to both north- and southbound entrances, with connections to Interstate 78, Route 440 and other major highways. Major transportation hubs, such as Newark Liberty International Airport and the ports, are also easily accessible.

Beyond that, the site is within reach of a large labor pool and sits 24 miles from New York City.

According to Bridge, it focuses on supply-constrained core infill industrial markets in the U.S. and U.K.

As of the first quarter of the year, the Garden State posted some of the tightest markets nationwide. In the New Jersey/New York region, Bridge oversees more than 21 million square feet of space. In January, the firm secured $53 million in construction financing for a South Brunswick project.