JLL Capital Market handles $28.5 million in spec construction financing for a Class A, 167,281-SF warehouse in South Plainfield, NJ

Bridge Point South Plainfield II, a planned,
Class A warehouse and distribution
 building totalling 167,281 SF
 in South Plainfield, NJ

MORRISTOWN, N.J., April 29, 2024 –  JLL Capital Markets announced today that it arranged $28.5 million in construction financing for Bridge Point South Plainfield II, a to-be-built, Class A warehouse and distribution building totalling 167,281 square feet in South Plainfield, New Jersey.

Jon Mikula 

 JLL worked on behalf of Bridge Industrial LLC and arranged the loan with CIBC.

 

The property is situated on 14.825 acres located at 1 Cragwood Rd. South Plainfield, Middlesex County, New Jersey. It is currently an office building, which will be demolished to be improved with a best-in-class distribution center designed to meet the demands of the market’s top distribution tenants. 

The project is set to have 36-foot clear heights, 26 dock height doors and two drive-in doors.

 

Bridge Point South Plainfield II is located just off Interstate 287 providing superior access to north and south entry and exit ramps. Interstate 287 provides fast access to the New Jersey Turnpike, Interstate 78, Route 440 and other major highways in Central and Northern New Jersey.

Michael Klein

The property’s location offers exceptional access to major transportation hubs in the Region, high-volume port facilities and Newark Liberty Airport. Additionally, the property is located in an area easily accessible to a large and varied labor pool, from unskilled labor to an executive demographic and is 24 miles southwest of New York City.

 

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

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

Michael Lachs

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.

 

For more news, videos and research resources, please visit JLL’s newsroom. 

 

 

 

CONTACT:

 

Alli Stent

PR, Hotels & Hospitality

 Capital Markets

Chicago | JLL
M +1 330 329 6750

 

JLL Capital Markets brokers $54 million sale of 107 Morgan Street, a 1.73-acre multi-housing development site in the heart of Jersey City’s thriving Waterfront neighborhood

 Elizabeth DeVesty

 

 MORRISTOWN, NJ, April. 29, 2024 – JLL Capital Markets announced today that it closed the $54 million sale of 107 Morgan Street., a 1.73-acre multi-housing development site located in Jersey City’s Waterfront neighborhood.

 

Jose Cruz 

JLL worked on behalf of the seller, Veris Residential, and procured the buyer, LCOR, Inc.

107 Morgan Street is situated within Jersey City’s Powerhouse Arts District Redevelopment Plan (“Powerhouse Arts District”), and more specifically, the High-rise Zone, which allows for high-density residential uses as-of-right.

 

The Powerhouse Arts District was established in Jersey City in 2004 to encourage economic development while creating a business incubator for the local artist community to ensure that the local neighborhood retains its diverse cultural identity.

 

Upon completion, 107 Morgan Street will include approximately 650 units, ground floor retail and amenity space.

Ryan Robertson

The property is located less than 0.25 miles from the Grove St PATH station and 0.5 miles from the Exchange Place PATH, offering residents access to Manhattan’s World Trade Center transit station in just seven-minutes and four-minutes respectively.

 

 In addition to the nearby PATH station, the property benefits from the Waterfront’s ferry terminals, light rail stations, bus terminals, bikes lanes and NJ Transit, as well as from the proximate Holland and Lincoln Tunnels, Interstate 78, the NJ Turnpike, the Garden State Parkway and other major New Jersey highways.

 

 Additionally, the site is just a short walk to the Newark Avenue pedestrian plaza in Downtown Jersey City, the city’s popular night life district, offering various award-winning restaurants and unique shopping options. It is also less than four blocks from the Simon Property Group-managed Newport Centre mall, which contains 1.2 million square feet of luxury retail. 

Michael Oliver

The JLL Capital Markets Investment Sales Advisory team included Senior Managing Director Jose Cruz and Director Ryan Robertson, as well as Senior Managing Directors Michael Oliver and Steve Simonelli and Director Elizabeth DeVesty.

 

“The infill location of 107 Morgan, combined with the opportunity to acquire a site of this size, attracted multiple bidders,” said Cruz. “This is one of the last remaining parcels within the Waterfront, which led to very strong pricing."

 

Robertson added, "Despite the challenging interest rate environment, both the buyer and seller collaborated to ensure a successful transaction. Development opportunities in Jersey City continue to attract institutional capital due to the proximity to mass transit and the vibrant waterfront amenities."

http://

Steve Simonelli

Brian Barry, Senior Vice President at LCOR, shared, “LCOR is excited about the acquisition of 107 Morgan. This development represents an incredible opportunity to deliver a waterfront residential community in a dynamic neighborhood within the Powerhouse Arts District.”    

 

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.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

CONTACT:

 

Alli Stent

PR, Hotels & Hospitality

 Capital Markets

Chicago | JLL
M +1 330 329 6750

 

BOLOUR provides over $20 million in debt for three-site Southern California portfolio

 Mark Bolour

  

Los Angeles, CA — Bolour Associates Inc. (BOLOUR) has provided over $20 million in debt financing for the redevelopment of three Southern California retail projects. Upon redevelopment, the sites will deliver 375 new apartment units by North Carolina-based Grubb Properties.

 

BOLOUR is a privately owned real estate finance, development and investment company based in Beverly Hills, California. Grubb Properties, with approximately $2.5 billion in multifamily, office and retail real estate assets under management, has been developing and operating moderate-priced rental housing since 1963.

 

The three-deal transaction includes:

 700 Santa Monica Blvd

700 Santa Monica Blvd., a 10,500-square-foot retail property slated for redevelopment into 99 apartment units located minutes from the Santa Monica State Beach and Pier.

·       1200 Vine St., a 27,000-square-foot retail property in the heart of Hollywood that will be redeveloped into 151 apartment units.

·        5240 Lankershim Blvd., a 30,900-square-foot land parcel in North Hollywood with plans for redevelopment into 128 apartment units.

 “BOLOUR was able to draw on the expertise of our in-house development and investment teams to carefully evaluate Grubb Properties’ strategies for these sites, including both maintaining the current retail properties on an interim basis and later redeveloping them as multifamily housing,” said BOLOUR CEO Mark Bolour.

     5240 Lankershim Boulevard

“The debt solution we structured provides flexibility to support Grubb’s business plan that will bring hundreds of much-needed new apartments to the supply constrained Los Angeles market.”

 

 

CONTACT:

 

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association

of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry: 

 I do what I love and love what I do.”

 

BolourAssociates.com.