Acquisition Financing Arranged for Industrial and Outdoor Storage Facility in Northern New Jersey
JLL Capital Markets today announced that it has arranged financing for the acquisition of a fully leased 66,000 square foot light industrial building with nearly one acre of outdoor storage space in the northern community of Patersotimn from New Jersey.
The property consists of a 66,000 square foot warehouse at 845 East 25th St. that is fully leased to Kamco Supply, one of the New York metro area’s largest commercial and residential building materials suppliers. The 3.35 acre site is enhanced with a one-story building constructed in 1940 including a warehouse and showroom/office space. A key asset is the nearly one-acre paved and secure outdoor storage area, a rare amenity in the northern New Jersey market.
The property is in Paterson, approximately 20 miles west of Manhattan in Passaic County. Passaic County is part of New Jersey’s Gateway Region, which has one of the best combinations of transportation infrastructure and population density in the country. More than four million people live in the region, with direct access to some of the country’s largest port facilities. The property is also located in an Urban Enterprise Zone, an Economic Incentive Zone offering half sales tax and other state benefits to tenants.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein, Director Alex Staikos and Vice Chairman Michael Lachs.
“JLL is pleased to have secured acquisition financing for another industrial property on behalf of Timberline Real Estate Ventures as it continues to grow its industrial portfolio in the New York metro area,” Klein said. “Blue Foundry Bank quickly understood the high demand for the property due to its outdoor storage capabilities, proximity to Interstate 80 and location in an urban enterprise zone.
“JLL specializes in financing properties whose values are determined by their Industrial Outdoor Storage (“IOS”) capabilities,” Klein added. “IOS properties are in high demand by tenants and investors and are essential to New Jersey’s industrial distribution network. This rapidly developing subset of the market is still untapped by many lenders. »
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s deep knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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