JLL Capital Markets arranged three loans totaling $16.1 million on four buildings within Raritan Center Business Park in Edison, according to a Thursday announcement.
JLL worked on behalf of the borrower, Summit Associates Inc., to place three separate 12-year, fixed-rate, non-recourse loans with two different life company lenders.
The portfolio, which totals 389,501 square feet, includes buildings located at 135 Raritan Center Parkway, 115 Newfield Ave. and 87 and 97 Sunfield Ave. The single-story, multitenant buildings are 93% leased to a diverse tenancy in the manufacturing, advertising, engineering, construction, health care and financial sectors. Additionally, 97 Sunfield is home to the 155,000-square-foot New Jersey Convention Center. With clear heights ranging from 14 to 30 feet, the portfolio features 26 dock-high doors, three drive-in doors, ample parking and office space.
The Raritan Center Business Park is located in a premier logistics location that provides direct access to New Jersey’s most densely populated residential and commercial areas, including the New York City and Philadelphia metropolitan statistical areas. Tenants have the ability to reach one-third of the U.S. population within 24 hours due to the property’s immediate access to major thoroughfares, including the New Jersey Turnpike, the Garden State Parkway, Interstate 287 and U.S. Route 1.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Michael Klein, Director Max Custer and associate Ryan Carroll.
“Raritan Center Business Park continues to demonstrate outstanding fundamentals within the industrial property sector,” Klein said. “As a result, we were able to compile substantial interest amongst the lending community, which allowed SAI to capitalize on the historically low interest-rate environment.”
“Both life company lenders performed exceptionally and were able to efficiently navigate a tight closing timeframe for our client,” Custer added.