 |
| Michael Klein |
MORRISTOWN, NJ – JLL Capital
Markets announced it has arranged a $20 million refinancing for 735 Dowd
Ave., a 175,000-square-foot cold-storage facility near Port
Newark-Elizabeth in the suburban New York City community of Elizabeth, New
Jersey.
JLL worked on behalf of the borrower, Elberon Development Group,
to place the 20-year, fixed-rate loan with a life insurance company. Loan
proceeds were used to refinance the existing debt on the property.
Completed in 2013, the property was a build-to-suit cold storage
facility for Seafrigo, a France-based food distributor specializing in handling
chilled, frozen and ambient products.
The cold storage building features 40-foot clear
heights, 16,000 square feet of two-story office space, 25 tailboards and
temperature-controlled rooms ranging from -10 degrees up to 55 degrees.
The property is strategically located within one mile off Exit 13A
on Interstate 95 (The New Jersey Turnpike), less than one mile from Route 9 and
just south of North Avenue.
 |
| Jon Mikula |
735 Dowd Ave. is within two miles from Newark
Liberty International Airport and five miles from Port Newark-Elizabeth, one of
the largest container ports in the country.
The
facility is located within the Elizabeth Northern NJ industrial submarket,
which had a vacancy rate of 3.4 percent at the end of Q1 2020, and cold storage
product in the submarket is fully leased.
The submarket has continued to demonstrate
excellent fundamentals over the years as vacancy rates have remained below five
percent since Q4 2015, and triple-net direct rents have grown 2.2 percent
quarter-over-quarter in the same timeframe.
The JLL Capital Markets team representing the borrower was led by
Senior Managing Directors Michael Klein and Jon Mikula and
Analyst Carlos Silva.
“JLL is pleased to have worked on Elberon Development’s behalf to
secure very attractive long-term debt on the property,” Klein said.
 |
| Carlos Silva |
“Demand for high-quality, state-of-the-art
refrigerated warehouse properties continues to increase, and the property’s
location with immediate access to the port, airport and highway infrastructure
made this a highly sought-after loan for the lender.”
For more news, videos and research resources on JLL, please visit
the firm’s U.S. media center Web page: U.S. newsroom.
Contact:
Kimberly
Steele, JLL Senior Associate, Public Relations
Phone: +1
713 852 3420
Email: Kimberly.Steele@am.jll.com
No comments:
Post a Comment