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| 350 Clark Drive Warehouse, Mount Olive, NJ |
FLORHAM
PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announces the
$28.5 million refinancing for 350 Clark Drive, a three-building Class A
industrial warehouse facility totaling 443,030 square feet in the North New
Jersey community of Mount Olive, New Jersey.
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| Greg Nalbandian |
The
industrial facility at 350 Clark Drive was originally constructed to house the
headquarters of Calvin Klein Cosmetics and is now 97.1 percent leased to office
and industrial tenants.
Divided
into three contiguous components called Building A, B and C, the property
features 24- to 30-foot clear heights, 26 loading docks, two drive-in
doors, 42- by 34-foot column spacing,
20,000-square-feet of freezer space and 22.9 percent office finish.
Situated
on 20.2 acres in the Route 80 Corridor Industrial submarket, 350 Clark Drive is
within the International Trade Center (ITC), a master planned industrial park
located along Interstate 80 and one of five designed Foreign Trade Zones (FTZ)
in New Jersey.
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| Tim Mason |
The
HFF debt team representing CRG included senior managing director Greg
Nalbandian and analyst Tim Mason.
“The
HFF investment advisory team sold this asset to CRG less than three years ago,”
Nalbandian said. “In this short period of time, CRG increased the NOI by
more than $1 million through aggressive lease-up of vacant space, renewing
tenants at market rents and reduction of operating costs.
"CRG
also completed a building upgrade package and remedied deferred
maintenance. The substantial value creation allowed CRG to execute its
value-added neighborhood model for a full cash out of the sponsor’s equity,
which they intend to redeploy into other value-add opportunities.”
HFF
and Holliday GP Corp. are licensed New Jersey real estate brokers.
For more information,
please contact:
KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420
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