JLL Capital Markets arranged pre-development and construction financing for the development of a 150,917-square-foot, Class A speculative warehouse and distribution facility in Bogota, according to a Tuesday announcement.
JLL worked on behalf of the borrower, Thor Equities Group, to place the floating-rate loan with Centennial Bank.
Once completed, the facility, located at 14-22 River Road, will offer tenants modern, best-in-class features, including a 40-foot clear height, 28 dock doors, three drive-in doors, low office finish, ESFR fire protection, 15 trailer parking stalls and 225 parking spaces.
The 10.8-acre site that will house the new building has access to the critical infrastructure required of modern distribution users, including New York City, New Jersey’s Port Newark-Elizabeth, Newark Liberty International Airport, the Lincoln Tunnel, George Washington Bridge and the New Jersey Turnpike. The property is in the dense, infill Meadowlands Industrial submarket, which has a limited inventory of modern, Class A distribution product.
“Thor’s latest acquisition reflects our ability to identify strategically located assets in supply constrained markets,” Joseph Sitt, chairman of Thor Equities Group, said. “Our new development will allow users efficient access to the most populous region in the United States, and we expect strong leasing activity as the demand for e-commerce continues to accelerate.”
According to JLL Research’s New Jersey Industrial Insight report for the first quarter of 2022, the vacancy rate for the Meadowlands submarket is only 1.3%. Additionally, with only 766,162 square feet under construction, rental rates are $16.26 per square foot, one of the highest in New Jersey.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Director David Sitt, Managing Director Peter Rotchford, Senior Director Matthew Pizzolato and Vice President Michael Lachs.
“We continue to see tremendous interest form the lending community for well-located, institutional-quality industrial projects,” Pizzolato said. “Centennial Bank recognized this and stepped up to offer attractive terms and a structure that will allow our client to execute their business plan.”
