Done Deals: May 21, 2024

Tuesday, May 21, 2024

JLL Capital Markets represented Matrix Development Group in arranging $93 million in financing from Bank OZK for the under-construction, two-building Matrix Logistics Park in Mount Olive in NJ

Olivia Doody

MORRISTOWN, NJ, May 21, 2024 –  JLL Capital Markets has arranged $93 million in financing for Matrix Logistics Park – Mount Olive, a two-property, under-construction, Class A warehouse and distribution industrial park totalling 781,748 square feet in Mount Olive, Morris Co, New Jersey.

Thomas Didio

JLL worked on behalf of the borrower, a Matrix Development Group led venture, and secured the loan from Bank OZK.

The JLL Capital Markets team was led by Senior Managing Directors Thomas Didio and Jim Cadranell, Managing Director Thomas E. Didio, Jr., Vice President Michael Lachs and Analyst Olivia Doody.

The property at 2000 International Drive is situated on 13.629 acres and totals 196,748 square feet. Key building features include single-side loading capabilities, 36-foot clear height, 34 loading docks, two drive-in doors, 110 parking spaces and 43 trailer parking spaces.

Thomas E. Didio, Jr.

The second property is located at 3000 Continental Drive, a site redeveloped from the former BASF United States headquarters.

The building totals 585,000 square feet and includes 40-foot clear heights, cross-dock configuration, 107 loading doors, four drive-in doors, 306 parking spaces and 142 trailer spaces.

The portfolio is in Mount Olive, a suburban upper-middle-class community located 45 miles west of Manhattan in Morris County. Mount Olive is located in the western section of Morris County, along the Interstate 80, Route 206 and Route 46 corridors.

Michael Lachs

Mount Olive’s central location in Northern New Jersey and access to Interstate 80 has made the town a heavily demanded location for families, commercial uses and industrial users for decades.

The Project is within Mount Olive’s International Trade Zone, home to numerous research, development, and manufacturing companies.

The International Trade Zone is designated as a Foreign Trade Zone, which allows companies to reduce costs associated with importing and re-exporting goods to foreign countries.

Additionally, the Project is within walking distance of Mount Olive Train Station, providing New Jersey Transit Rail Service along the Morristown and Montclair-Boonton Lines.

Dave Sarner

“We continue to see very strong interest for to-be-built speculative industrial from a range of debt capital sources.

"Ultimately, Bank OZK stepped up to the plate to deliver an attractive solution for Matrix and their development partner. Thank you to the Matrix Team for entrusting JLL to help bring to life this Class-A industrial park,” stated Didio Sr.

Matrix Logistics Park – Mount Olive,

a two-property, under-construction,

Class A warehouse and distribution

industrial park totalling 781,748 SF

in Mount Olive, Morris Co, NJ.

“Bank OZK is pleased to provide construction financing for this large-scale Class-A industrial development that will serve as a convenient, flexible and accessible distribution hub,” said Dave Sarner, Managing Director of Originations at Bank OZK.

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