JLL Capital Markets on Friday said it arranged $47 million in acquisition financing for the 330,000-square-foot property located at 153 Linden St. in Passaic.
JLL worked on behalf of the borrower, Thor Equities Group, to secure the three-year, floating-rate loan through Tremont Realty Capital.
Located at 153 Linden St., the 330,000-square-foot warehouse/distribution facility is segmented into a 115,000-square-foot section with 27-foot clear heights, a 163,000-square-foot section with 16-foot clear heights and 52,000 square feet of outparcel buildings. The property is currently home to Waitex Group International, a third-party logistics tenant, who uses the site as a distribution/warehouse facility. The facility boasts 17 dock-high doors with two internal docks, two drive-in doors and 36 trailer parking spots.
The JLL Capital Markets Debt Placement team representing the borrower was led by David Sitt, Peter Rotchford, Matthew Pizzolato and Ryan Carroll.
The asset is situated within the Route 3/GSP industrial submarket, which is a desirable market for distribution and warehouse users, as well as last-mile distribution users due to its proximity to major northern New Jersey thoroughfares and New York City.
The property has exceptional access to key highways including Interstate 80, Routes 46, 19, 3 and 21, the Garden State Parkway and the New Jersey Turnpike. Newark Liberty International Airport and the Port of New York and New Jersey are also near the warehouse.
“Even with the recent volatility in the capital markets, we continue to see strong interest from the lending community for well-located, institutional quality industrial assets,” Pizzolato said. “Tremont Realty Capital provided attractive terms that will allow Thor to execute their business plan.”
