JLL Capital Markets announced Monday that it has arranged $19.56 million in acquisition financing to help Penwood Real Estate Investment Management purchase a 109,775-square-foot warehouse and distribution facility in Carlstadt.
The property is located at 305 Veterans Blvd.
JLL worked on behalf of the borrower, through its sixth value-added investment vehicle, Penwood Select Industrial Fund VI L.P., in securing the three-year, floating-rate loan with Tristate Capital Bank.
The property sits on a 3.5-acre parcel and features 22-foot clear heights, six dock-high doors, one drive-in door, 78 parking spaces and an emergency backup generator able to power the entire building.
The property was acquired vacant from a departing user and will be leased to a prospective warehouse/distribution tenant seeking space in the supply-constrained Meadowlands submarket, one of the country’s premier industrial markets.
The property’s location benefits from its proximity to New York City and its access to major northern New Jersey thoroughfares including the New Jersey Turnpike, Interstate 80 and Routes 3, 17 and 46.
As a result, prospective tenants will be able to quickly and efficiently service a large portion of the New York metro area. Newark Liberty International Airport and the Port of New York and New Jersey are also approximately 15 miles from the property, further solidifying this location as a premier transportation/logistics hub that provides distributors the ability to reach 72% of the U.S. population within a 24-hour drive, while helping to lower general distribution costs and accelerating the supply chain for businesses with time sensitive distribution needs.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Michael Klein, Director Max Custer and associate Ryan Carroll. In addition, JLL’s Leasing team, comprised of Chris Hile, Michael Palmeri and David Knee, has the exclusive listing assignment.
“While the debt market continues to remain volatile, there is still ample liquidity for strong sponsors who own industrial properties in premier markets such as the Meadowlands, provided that the deals feature the right leverage and structure,” said Klein.
“TriState Capital Bank quickly recognized the merits of 305 Veterans Blvd. and put together an attractive financing proposal that will allow Penwood to execute its business plan,” added Custer.