JLL arranges recapitalization of Denholtz portfolio

JLL Capital Markets announced Wednesday that it has arranged a recapitalization of a four-property industrial portfolio totaling 685,781 square feet in Piscataway and Orlando, Florida.

JLL worked on behalf of the sponsor, Denholtz Properties, to arrange the joint venture equity partnership with an institutional investor.

The portfolio comprises 16 buildings in Piscataway (at 140 and 141-147 Ethel Road W.) and two locations in Orlando: the Silver Star Commerce Center and Cypress Park.

The properties all have access to regional throughfares and arteries, providing access to millions of customers within a day’s drive. Constructed between 1971 and 1997, the portfolio features ideal light industrial functionality and improvements.

Northern New Jersey and Orlando are two industrial markets with notably strong fundamentals.

New Jersey’s total industrial vacancy was just 2.6% during the first quarter of 2021, a testament to the enduring strength of the market. And JLL Research reports that the New Jersey industrial market is primed for even more gains this year.

The JLL Capital Markets Equity Placement team was led by Marc Duval, Jon Mikula, Michael Klein and Jordan Avanzato.

“The capital for industrial product is highly liquid today for a variety of reasons, and more competition among investors has led to more aggressive deal structures,” Duval said. “This transaction allowed a sophisticated industrial operator to maintain control over all aspects of operations and management, while participating in the upside with a trusted equity partner.”