JLL has arranged more than $31 million in financing for a 330,000-square-foot Parsippany office building, it announced Monday.
JLL Capital Markets arranged the $31.12 million deal for 5 Wood Hollow Road, a 330,631-square-foot property owned by PAG Investments. JLL secured for PAG the three-year, floating-rate loan with Prime Finance, which also has two, one-year extension options. The loan will fund the acquisition of the building, future capital expenditures and leasing advances, JLL said in a news release.
The building at 5 Wood Hollow Drive sits on nearly 23 acres at the interchange of interstates 80 and 287, and features amenities including a cafeteria, fitness center and conference facilities. The property is currently 65% leased.
The JLL Capital Markets team representing the seller included Michael Klein, senior managing director, and Andrew Zilenziger, associate.
“JLL is pleased to have represented PAG Investments once again to secure acquisition financing for its rapidly growing commercial real estate portfolio,” Klein said in a prepared statement. “With its attentive management and leasing efforts and an extensive capital expenditure program, PAG will quickly be able to turn this asset into a true Class A building and attract and retain tenants that will stabilize and maintain a high occupancy for years to come.”
The deal was secured by Holliday Fenoglio Fowler L.P. before its acquisition by JLL last year.