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| 100 Commons Way, Rockaway, Eastern Morris County, NJ |
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| Michael Klein |
FLORHAM PARK, NJ – HFF announced it has arranged a $10.5
million financing for a sale/ leaseback of a 352,461-square-foot industrial
printing and production facility located at 100 Commons Way in Rockaway
in eastern Morris County, New Jersey.
HFF worked exclusively on behalf of the borrower, The
Hampshire Companies, to secure the seven-year, fixed-rate financing through
Ocean First Bank. Loan proceeds will be
used to acquire the property.
100 Commons Way is 100 percent leased by North Jersey Media
Group (NJMG), the largest news gathering organization in northern New Jersey
with roots that trace back to 1895.
The building serves as the independent, family-owned media
company’s only printing and sorting facility.
Multiple publications are printed in the facility, including NJMG-owned
The Record, Herald News and 43 weekly community newspapers in addition to three
Gannett-owned daily papers and 10 weekly newspapers for Greater Media
Newspapers.
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| Jon Mikula |
100 Commons Way is improved with three floors that include
150,756 square feet of production and printing space, 57,116 square feet of
industrial warehouse and distribution space, 20,765 square feet of office
space, a data center and cafeteria, separate parking garage and on-site post
office.
The facility is located just off Green Pond Road (County
Route 413), which leads directly to Interstate 80, a major east-west artery
through northern New Jersey, and is only seven miles from the intersection of
Interstate 80 and Interstate 287.
The HFF
debt placement team representing the borrower was led by director Michael
Klein along with senior managing director Jon Mikula and senior real
estate analyst Michael Cerulo.
“The Hampshire Companies was seeking a lower leverage
request with a flexible prepayment schedule that would best meet their
acquisition criteria,” Klein said.
“Ocean First Bank was able to get comfortable with the specialty use of
the property given the long-term sale/leaseback and lower leverage
request. As a result, the bank was able
to move quickly and close the loan before year end.”
The Hampshire Companies is a full-service, private real
estate firm with equity in assets valued at more than $2.5 billion, based in
Morristown, New Jersey. The Hampshire
Companies is a vibrant, dynamic organization that combines creative vision and
superior execution, thereby enabling it to create and enhance value in real
estate investments. Learn more athampshireco.com.
For a complete
copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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