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| 83 Stults Road, South Brunswick, NJ |
FLORHAM PARK, NJ, Aug. 9, 2017 – Holliday
Fenoglio Fowler, L.P. (HFF) announced today that it has secured $14.9 million
in financing for a 368,537-square-foot, rail-served warehouse distribution
building and adjacent 16-acre development site located at 83 Stults Road in South Brunswick, New Jersey.
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| Michael Klein |
HFF worked
on behalf of the borrower, a partnership between EverWest Real Estate Partners,
LLC and Accordia Realty Ventures, to place the three-year, floating-rate loan
through Malvern Federal Savings Bank (Malvern).
Loan proceeds will be used to cover
acquisition and closing costs associated with the purchase, pay for planned
capital improvements to the property and used for soft costs associated with
securing approvals for the development site.
The property is subject to a short-term sale-leaseback with Hermann
Services Inc.
83 Stults
Road is located two turns off Exit 8A of the New Jersey Turnpike (Interstate
95) in the Exit 8A industrial submarket, recognized as one of the nation’s
leading industrial markets.
The property
is in the epicenter of the Boston-Washington, D.C. corridor and is less than 40
miles from the Port of Newark/Elizabeth and Newark Liberty International
Airport.
Additionally, the property is 46 miles from
New York City and 53 miles from Philadelphia.
83 Stults Road features a 24-foot clear ceiling height, 23 loading
docks, one drive in dock and 14,745 square feet of office space. The borrower
plans on subdividing the property and erecting a 200,000-square-foot warehouse
on the adjacent land parcel.
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| Eric Tupler |
The HFF debt
placement team representing the borrower was led by managing director Michael Klein and senior managing
director Eric Tupler.
“HFF is
pleased to have secured financing on behalf of Everwest and Accordia for this
acquisition,” Klein said. “8A is one of
the strongest industrial submarkets in the state and we’re confident that they
will do extremely well with this property.
“The
property’s location and borrower’s experience with similar types of
transactions allowed Malvern to provide a very competitive rate and a creative
loan structure that will enable the borrower to easily execute its business
plan during the loan term.”
For a complete copy of the company’s
news release, please contact:
Kristen M.
Murphy
Director,
Public Relations
HFF | One
Post Office Square, Suite 3500 | Boston, MA 02109
Main:
617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
or follow HFF on Twitter @HFF
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