Dealmaker: Mesa West Capital Provides $54M Construction Loan in South Brunswick, N.J.

(Illustration courtesy of Mesa West Capital)

Mesa West Capital, New York, provided Bridge Industrial a $53.5 million construction loan for Bridge Point 999, a new 292,000-square-foot industrial building in South Brunswick, N.J.

The modern logistics building will be built on a 26.6-acre parcel at 999 Cranbury S. River Road in New Jersey’s 78-million-square-foot Exit 8A industrial submarket. CoStar Group, Washington, D.C. reported the Exit 8A submarket is one of the tightest industrial markets in central New Jersey with a 4.6% vacancy rate.

The property is immediately adjacent to I-95 (New Jersey Turnpike), the principal north/south interstate highway between Maine and Florida. The location is within one day’s truck drive of 40% of the U.S. population. The property also benefits from its proximity to two important ports: the Port of New York and New Jersey and the Port of Philadelphia.

Upon completion–currently expected in the second quarter–the rear-load logistics building will have 40-foot clear heights, 47 loading doors, 49 trailer parking stalls and 181 car parking spots.

“Within the 8A submarket market there remains a shortage of modern distribution centers between 100,000 and 300,000 square feet,” said Mesa West Capital Vice President Brian Hahn, who led the New York and Chicago-based origination team with Executive Director Matt Snyder and Analyst Jacob Rosen. “This points to high market demand for this undersupplied industrial product.”

The financing was arranged by Steve Roth and Ryan Kieser from CBRE’s Chicago office.