JLL Capital Markets arranged a $14.5 million refinancing for a new, 130,000-square-foot, state-of-the-art, single-tenant warehouse and distribution facility in Ewing, according to a Monday announcement.
Located at 400 Airport Corporate Drive in the Trenton-area community, the property spans a 22.6-acre site within the 295 Industrial submarket, a growing submarket that provides immediate access to Interstate 295, Route 1 and the New Jersey Turnpike. This location allows for seamless connectivity throughout the region and facilitates the ability to reach one-third of the U.S. population in 24 hours. The property is also proximate to the Trenton Mercer Airport, 30 miles to the Port of Philadelphia and 50 miles to the Port of New York and New Jersey.
Delivered in the first quarter of 2022, the property is a modern distribution facility that features 40-foot clear heights, 18 dock-high doors, two drive-in doors, 32 trailer parking stalls and ample vehicle parking. The building is fully occupied by Binsky & Snyder, an industry leader in providing world-class mechanical construction services.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Director Max Custer.
“We are thrilled to have assisted Herring Properties in arranging financing for 400 Airport Corporate Drive,” Custer said. “We were able to lock in an extremely favorable long-term, fixed-interest-rate prior to the property receiving its final CO and before the recent run-up in the treasury market.”