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| 65 South Industrial Street, Passaic County, Clifton, NJ |
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| Jon Mikula |
FLORHAM PARK, NJ, Aug. 22,
2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces a $23.35 million
refinancing for a 204,000-square-foot industrial building located at 65 South
Industrial Street in the Passaic County community of Clifton, New Jersey.
The HFF team worked on
behalf of the borrower, a partnership between Tulfra Real Estate and The
Hampshire Companies, to place the 10-year, fixed-rate loan with Citizens
Bank. Loan proceeds will be used to
refinance the existing construction financing on the property.
The one-building
industrial facility recently received a multimillion dollar renovation that
included raising the roof to provide a 27-foot ceiling height, new exterior
skin, adding six new loading docks (for a total of 24), refinishing the
warehouse floors, installing new lighting and sprinklers, adding new mechanical
and electrical systems and fitting out 28,000 square feet of office space.
The speculative redevelopment project is now
fully leased to Damascus Bakeries, which will use the building as a second
manufacturing facility that will accommodate the company’s growing production
needs and its corporate headquarters.
Damascus will lease its space for a 15-year
term and will also take a 50-percent ownership interest in the borrower entity. Situated on 11 acres, 65 South Industrial
Street is located just off Route 3 less than two miles from the Garden State
Parkway and seven miles from the New Jersey Turnpike, providing superior access
to the surrounding highways while benefiting from a deep labor pool of more
than 630,000 people within a five-mile radius.
The property is approximately 15 miles from
Newark Liberty International Airport and the Port of Newark-Elizabeth. Additionally, the property is 21.5 miles from
Manhattan.
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| Michael Klein |
The HFF team included
senior managing director Jon Mikula
and managing director Michael Klein.
“Citizens Bank quickly
understood the benefits that the property’s extensive highway access, deep
labor pool, proximity to New York City and unique building specs would provide
the tenant and was able to provide an attractive rate,” Klein said.
“Tulfra and
Hampshire did a fantastic job redeveloping this asset into a modern
manufacturing/distribution facility, and we were happy to help them put a
long-term loan in place that caps off this spec redevelopment project.”
To stay
connected with The Hampshire Companies and for updates on the latest
transactions and news follow the company on Facebook
(www.facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).
For more information on this 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
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