Financing arranged on behalf of Related Fund Mgmt., Onyx Equities & Russo Development
East Hanover, NJ — Newmark has arranged a $135 million loan on behalf of Related Fund Management (RFM), Onyx Equities and Russo Development to fund the construction of High Point on 10, a class A build-to-suit cold storage and industrial development facility in East Hanover. Newmark’s Jordan Roeschlaub, Jonathan Firestone and Nick Scribani secured the financing on their behalf from Ares Commercial Real Estate Management.
High Point on 10 will offer 584,000 s/f of cold storage and industrial space, ideally located on a premier infill site with immediate access to the entire NYC metro area and more than 13.5 million people within a 30-mile radius. RealCold will lease the 380,000 s/f cold storage component of the facility.
“This financing package will enable the continued expansion and success of RealCold’s platform across the United States,” said Roeschlaub. “We’re thrilled to have arranged this financing on behalf of Related Fund Management and its partners.”
RealCold has grown to be the 10th largest cold storage operator, with a portfolio spanning approximately 1.6 million s/f and nearly 180,000 pallet positions. Upon completion of High Point on 10, RealCold will be capable of servicing 48% of the U.S. population within one day and 97% within two days.
In other news, Newmark has secured 48,116 s/f of industrial leases on behalf of owner Alliance HP (Alliance) at its reimagined industrial/flex building 1 Innovation Dr. in Plymouth Meeting. The leasing activity brings the first two tenants to the 143,000 s/f building, Nevro Corp. and Donnelly’s Home Comfort Specialists. Newmark executive managing director Jim Dugan, senior managing director Justin Bell and managing director Patrick Nowlan are the leasing agents at the property and facilitated the transactions.
“1 Innovation Drive is a true jewel-box offering with its unprecedented location, renovations and entrepreneurial ownership—a highly desirable combination within today’s market,” said Bell. “We are gratified to have secured win-win outcomes for all parties and look forward to welcoming Donnelly and Nevro into their new spaces.”
Donnelly’s Home Comfort Specialist signed a long-term lease to occupy 34,493 s/f of office and warehouse, marking the relocation and expansion of its company headquarters and distribution center.
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