$10.3M in construction financing secured for New Jersey industrial development
JLL Capital Markets arranged the financing for 485 Elizabeth Ave., a 76.2K SF speculative warehouse and distribution facility
MORRISTOWN, N.J., Dec. 3, 2024 – JLL Capital Markets announced today it secured $10.3 million in construction financing for 485 Elizabeth Avenue, a speculative warehouse and distribution facility located in Somerset, New Jersey.
JLL worked on behalf of Bridge Logistics Properties to secure a construction loan with Wintrust Bank.
The 76,230-square-foot facility, to be built at 485 Elizabeth Ave., will sit on a 7.48-acre parcel zoned for business and industrial development. Key features of the Class A facility include 40-foot clear heights, 50-by-50-foot column spacing, 10 dock doors, one drive-in door, 36 car parking spaces and a 135-foot truck court. Construction kicked off this fall with completion slated for late 2025.
The property's location offers regional connectivity, infill dynamics, population density and strong market fundamentals. It provides convenient access to major highways, including I-78, the New Jersey Turnpike, Route 1, Route 206 and I-287. Newark Liberty International Airport and the Port of New York and New Jersey are within a 40-minute drive. Additionally, the site is situated in a dense industrial cluster with over 7 million square feet of industrial property nearby, creating high barriers to entry for future development and reaffirming the desirability of the location for industrial tenants.
The JLL Debt Advisory team was led by Senior Managing Directors Jon Mikula and Jim Cadranell and Senior Analyst John Cumming.
“This project is well-positioned to capitalize on the area's strong industrial demand and limited supply,” Cadranell said. “Its strategic location and modern specifications make it an attractive option for potential tenants.”
“Best-in-class sponsors with viable spec industrial developments continue to attract multiple financing options,” added Mikula.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About BLP
BLP is a vertically integrated logistics real estate investment manager led by tenured, multi-disciplinary real estate professionals with experience navigating several economic environments over the past three decades. Its founding members and leadership team employ a disciplined investment strategy that is both cycle-tested and innovative. Founded in 2021, BLP is comprised of industrial real estate veterans with prior tenure at Brookfield, Prologis, IDI Logistics, Duke Realty, Hines and KTR Partners.
BLP is a value-focused investment manager that is highly collaborative with its institutional capital partners. Leveraging its deep local relationships and its global operating experience,
BLP uncovers and executes on investment opportunities in targeted coastal and gateway markets in the U.S. BLP executes its acquisition and development strategy in a vertically integrated regional structure across five offices located in New Jersey, Atlanta, Miami, Dallas and Los Angeles. Its steadfast focus on innovation and sustainable development promotes solutions that are both profitable and socially responsible. For more information, visit BridgeBLP.com.
About WinTrust Bank
Wintrust is a financial holding company with approximately $63.8 billion in assets whose common stock is traded on the NASDAQ Global Select Market. Guided by its “Different Approach, Better Results®” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges.