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| 20 South Middlesex Avenue, Monroe Township, NJ |
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| Thomas Didio |
FLORHAM PARK, NJ -–
Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $24.6 million
refinancing for a two-property industrial portfolio totaling 470,866 square
feet in Franklin and Monroe, New Jersey.
HFF worked on behalf of
the borrower, Matrix Development Group and a Morgan Stanley Real Estate
Investing (MSREI) advised fund, to secure the $17.3 million loan for 1 Heller
Park Lane and the $7.3 million loan for 20
South Middlesex Avenue through Cornerstone Real Estate Advisers LLC, acting
on behalf of an institutional investor.
The 324,337-square-foot 1
Heller Park Lane property consists of a 296,337-square-foot warehouse building
and a 28,000-square-foot truck terminal building. Renovated in 2014 through 2015, the property
is 100 percent leased to Promotion in Motion, Inc., a candy and fruit snack
manufacturer.
The property is situated on 26.79 acres just
off exits 10 and 12 of I-287 in Franklin, a township in northern New Jersey, 25
miles northeast of Trenton and 41 miles southwest of New York City.
20 Middlesex Avenue is a
146,529-square-foot warehouse building with 19,069 square feet of office
space. Completed in 1992, the building
is 100 percent leased to three tenants.
It is 2.5 miles from exit 8A of the New Jersey Turnpike (Interstate 95)
in Monroe, a northern New Jersey township, 21 miles northeast of Trenton and 47
miles southwest of New York City.
The HFF debt placement
team representing the borrower was led by senior managing directors Thomas Didio and Jim Cadranell.
“We are pleased to work on
behalf of the borrower to secure this exceptional financing for these ‘Class A’
assets,” Didio said.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Associate Director
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
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