HFF announces $28.5 million refinancing for Class A industrial warehouse in North New Jersey

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.

Greg Nalbandian

The HFF team worked on behalf of the borrower, Commercial Realty Group (CRG), to place a 10-year, fixed-rate loan with John Hancock Real Estate Finance Group.  Additionally, HFF will service the loan.

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. 

Tim Mason

The property’s Interstate 80 location provides access to the rest of Northern New Jersey in addition to New York City, eastern Pennsylvania, New York State and the Northeast and the Mid-Atlantic regions.

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

ksteele@hfflp.com

crg-realty.com.