JLL Capital Markets arranged a refinancing for two light industrial buildings totaling 50,923 square feet in Tinton Falls, according to a Thursday announcement from the capital solutions provider.
JLL worked on behalf of the borrower, Denholtz Properties, to secure the five- and seven-year, fixed-rate loans through Spencer Savings Bank.
Located at 150 and 151 Tornillo Way, the buildings are newly constructed, single-story Class A structures situated in a business park just south of the Garden State Parkway and Route 18. The buildings are among the highest quality light industrial buildings in Monmouth County. 150 Tornillo Way encompasses 26,400 square feet with 11 drive-in doors, 24-foot clear ceiling heights and 116 parking spaces. The property is 100% leased to five regional and local tenants. 151 Tornillo Way is 24,523 square feet and features four dock high doors, one drive-in door, 24-foot clear ceiling heights and 91 parking spaces. The building is fully leased to WorldPac, a leading distributor of foreign car parts.
The properties are located within one mile from the Garden State Parkway and Route 18 and 2.5 miles from Route 35, which provides access throughout the region. Located within the township of Tinton Falls, the assets are 35 miles southwest of Manhattan and 63 miles east of Philadelphia. In addition, the buildings benefit from the area’s strong demographics, with an average household income of $122,637 and a 2021 population of 18,591 residents with 8,731 households.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Vice President Michael Lachs.
“The properties are located in the central section of Monmouth County, a market rapidly emerging as a key industrial market of central New Jersey,” Lachs stated. “Denholtz Properties developed two high-quality buildings perfectly positioned for this market. Spencer Savings Bank provided exceptional loan terms on the properties given the strength of the assets and Denholtz Properties’ experience as industrial developers.”
