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| Michael Klein |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $7 million in
acquisition financing for 1501-1525 West
Blancke Street, a 115,913-square-foot warehouse/distribution building fully
leased to two tenants in Linden, Union County, New Jersey.
HFF worked on behalf of
the borrower, Penwood Real Estate Investment Management, LLC, to place the five-year,
fixed-rate loan with First Bank New Jersey.
Loan proceeds will be used to purchase the building and fund immediate
and future capital expenditures, tenant improvements and leasing commissions.
1501-1525 West Blancke
Street is a single-story building fully leased to Vantage Specialty Chemicals
and HelloFresh. The facility features
18’ to 22’ ceiling heights, 16 dock bays and two drive-in bays.
Situated on 4.5 acres in Union County,
1501-1525 West Blancke Street is serviced by northern New Jersey’s extensive
highway network, including New Jersey Route 1/9 (one mile northeast), the
Garden State Parkway (1.8 miles west) and the New Jersey Turnpike (2.25 miles
east).
The property is located less than
10 miles from Newark Liberty International Airport and approximately 21 miles
from New York City.
The HFF debt placement
team representing the borrower was led by managing director Michael Klein.
“First Bank quickly
understood the value-add potential that the building provided and, based on
Penwood’s historical track record with similar assets and the strength of the
Northern New Jersey industrial market, was confident that the borrower would be
able to execute its business plan,” stated Klein.
For a complete copy of the company’s news release,
please contact:
Kristen Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax
617.338.2150 | www.hfflp.com
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