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| 1
Electronics Drive, Hamilton, NJ |
MORRISTOWN,
NJ – JLL Capital Markets announced the sale, joint venture acquisition equity
and debt placement for 1 Electronics Drive, a 16-acre flex/industrial property
located in Hamilton, Mercer County, New Jersey. Financial details were
not disclosed.
 |
Jeremy Neuer
|
Acting
on behalf of the seller BTR Capital Group, JLL Capital Markets facilitated the
sale to Saxum Real Estate Partners. Additionally, working on behalf of the new
owner, JLL secured joint venture equity from Meadow Partners along with
acquisition financing from Prime Finance.
Powered
by the collaborative nature of the platform, JLL’s Tom Romano, Managing
Director, initiated the relationship as the leasing agent for BTR Capital Group
and assembled a best-in-class real estate investment advisory team including
Senior Managing Directors Jeremy Neuer, Marc Duval and Jose Cruz,
Managing Director Jordan Avanzato, Directors Jason Lundy and
Nick Stefans and Associate Conor Walsh to collaborate on the sale.
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| Marc Duval |
Duval
and Lundy also secured the joint venture equity on behalf of the buyer while
Senior Managing Director Michael Klein and Managing Director Tom
Didio, Jr., secured the debt.
“JLL
is committed to putting the full power of the platform to use for our clients,”
commented Duval. “This was a joint effort across four teams in two different
offices who have embraced the change and growth within our industry.”
“Saxum
and Meadow Partner’s reputation and business plan for the asset drew
significant interest from lenders. We are happy to have secured acquisition
financing that best met the sponsorship’s needs,” added Klein.
The
low coverage property sits on 16-acre lot, featuring an existing
80,000-square-foot building, which is 72% leased, and 530 surface parking
spaces. The property’s location and layout provides flexibility for future
utilization.
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| Jose Cruz |
“As
developable land becomes increasingly scarce in the highly sought-after Central
New Jersey industrial market, 1 Electronics Drive is perfectly positioned to
cater to the growing demand for prime locations with strong leasing
fundamentals,” said Lundy.
“Additionally, we’re looking forward to seeing the new
venture execute their business plan and capitalize on the region's high demand
for multi-tenanted, shallow bay industrial space.”
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
The firm's in-depth local market and global
investor knowledge delivers the best-in-class solutions for clients — whether
investment sales and advisory, debt advisory, equity advisory or a
recapitalization.
The firm has more than 3,000 Capital Markets specialists
worldwide with offices in nearly 50 countries. For
more news, videos and research resources, please visit JLL’s newsroom.
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| Jordan Avanzato |
About Saxum Real Estate Partners
Saxum
Real Estate is a national vertically-integrated real estate investment and
development firm.
Saxum’s portfolio extends a variety of asset classes with
capitalizations surpassing $2 billion and includes over 2.5MM SF of ground-up
cold storage development, 1,400 multifamily rental units, 4,000 student housing
beds, and over 1MM of other assets.
Our
development pipeline totals well over $1 billion in capitalization across
multifamily, student housing, cold storage and industrial investments ranging
from value-add to ground-up development.
About Meadow Partners
Based
in New York and London, Meadow Partners is a $6.2 billion vertically integrated
real estate investment manager specializing in global middle-market
transactions.
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| Jason Lundy |
Since inception in 2009, Meadow has leveraged its unique platform
to execute on investment opportunities across multifamily, office, industrial
and retail investment on behalf of institutional investors globally.
Meadow
currently manages a series of commingled opportunistic funds, a perpetual life
vehicle, and two core/core-plus separately managed accounts.
About Prime Finance
Prime
Finance is a private commercial real estate (“CRE”) finance company formed in
2008 with discretionary capital to directly originate mortgage, mezzanine and
preferred equity financing across the U.S. and acquire performing,
sub-performing and distressed debt, as well as subordinate CMBS bonds.
Prime
Finance has CRE origination capabilities that are supported by an origination
platform with a national footprint and maintains its own origination and loan
asset management/servicing teams, which allows it to control the assets and
monitor credit quality.
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| Nick Stefans |
Prime Finance has originated/acquired and serviced
approximately $23.5 billion of CRE loans since inception and as of March 31,
2024, has more than $8.7 billion of short duration assets and callable capital.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties.
A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise.
Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM.
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| Conor Walsh |
JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
CONTACT:
Grace Lewis
PR, Capital Markets
JLL
2401 Cedar Springs Rd.
Dallas, Texas 75201
M +1 903 520 3478
www.saxumre.com
www.meadowpartners.com.
