JLL Capital Markets said Monday that it has arranged construction financing for 12 Porete Ave., a to-be-built, 111,660-square-foot warehouse facility in North Arlington.
JLL worked on behalf of the sponsorship, a joint venture between the Hampshire Cos. and Invesco Real Estate, a global real estate investment manager, to secure the three-year construction loan through BMO Financial Group.
12 Porete Ave. was previously improved with a 91,000-square-foot warehouse building that is being razed to make way for a new best-in-class warehouse. The new facility will feature 40-foot clear heights, 22 dock-high doors, five trailer parking spaces and a 4% office finish.
The property is positioned on a 5.59-acre site within the Meadowlands, one of northern New Jersey’s coveted industrial locations. 12 Porete Ave. has excellent access to major thoroughfares, including the New Jersey Turnpike and Interstates 78 and 80, which provide distributors access to major metropolitan areas, including New York City and Philadelphia, as well as the Port of New Jersey and Newark Liberty International Airport.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein, John Rose and Jon Mikula and associate Ryan Carroll.
“12 Porete Ave. is an ideal location for a distribution hub, given its accessibility to an extensive transportation infrastructure network and proximity to nearly one-third of the U.S. population within 24 hours,” Klein said. “Hampshire and Invesco Real Estate are building a best-in-class facility and we’re honored to have played a role in the financing.”