Financing arranged for 113K s/f industrial portfolio in Edison, NJ
Edison, NJ — JLL Capital Markets has secured financing for a 113,211 s/f, two building industrial portfolio located at 375 & 425 Raritan Center Parkway in Edison.JLL worked on behalf of Summit Associates Inc. to secure the 11-year, fixed-rate loan through a correspondent lender.
The properties consist of a 53,950 s/f building at 375 Raritan Center Parkway built in 1982 and a 59,261 s/f building at 425 Raritan Center Parkway constructed in 1988. The 100% leased buildings feature clear heights ranging from 21 to 25 feet, ample loading docks and convenient access to major transportation routes.
Located in the highly desirable Exit 10 industrial submarket, the portfolio benefits from its strategic location near the New Jersey Turnpike, Interstate 287 and the Garden State Parkway. The properties are approximately 15 miles from both Newark Liberty International Airport and the Port of New York and New Jersey. The properties are also located within Raritan Center, an approximately 12 million-square-foot industrial park that currently is around 98% occupied.
The JLL Capital Markets team was led by senior managing director Michael Klein and director Max Custer.
“This financing reflects the continued strength and attractiveness of last-mile industrial assets in Central New Jersey,” said Klein. “With the Exit 10 submarket’s historically low vacancy rates and rising rents, lenders remain eager to provide capital for quality industrial properties in this prime logistics corridor.”
In addition, JLL Capital Markets announced the sale of 2 Hilton Court, a 10.41-acre site, which will be redeveloped into a 123,000 s/f warehouse in Parsippany.
JLL worked on behalf of the seller, 2 Hilton Court LLC, in the transaction, and Link Logistics acquired the property.
2 Hilton Court is strategically located near the major I-80 and I-287 interchange in affluent and dense Morris County within the SED-10 zone, one of the specialized economic development districts in Parsippany. The site offers convenient access to major thoroughfares such as NJ-10, I-287, NJ-24 and I-80. Furthermore, it is located less than 60 miles from three major international airports: Newark Liberty International Airport, LaGuardia Airport and JFK International Airport.
The JLL Investment Sales and Advisory team was led by senior managing directors Marc Duval and Jose Cruz along with managing director Jordan Avanzato and directors Nicholas Stefans and Jason Lundy.
“The industrial market in northern New Jersey has been a strong performer despite the headwinds over the past few years and the quality locations that offer accessibility and labor remain a top choice for developers,” said Duval.
“Critical to the success of this transaction was the acumen of the seller, 2 Hilton Court LLC, to reposition the asset to the highest and best use, and the buyer to see Parsippany as a strong logistics location,” Avanzato added.
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