JLL Capital Markets on Tuesday said it has arranged $39 million in acquisition financing for 333 North Street, a warehouse and distribution facility totaling 221,448 square feet in Teterboro.
JLL worked on behalf of the borrower, a joint venture between The Hampshire Companies and Invesco Real Estate, a global real estate investment manager, in securing the fixed-rate loan with Nationwide.
The property is fully leased to Fashion Logistics, a leading third-party logistics provider specializing in warehouse management, distribution and supply chain management services for the lifestyle and fashion industries. The building features 22-foot clear heights, 15 dock-high doors, 11 drive-in doors, 95 parking spaces and 15 trailer parking spaces.
333 North Street is situated on 8.38 acres in the Meadowlands, one of the country’s premier industrial markets, which according to JLL’s New Jersey Industrial Insights – Q4 2022, boasts a total vacancy rate of just 1.9%.The property benefits from its proximity to New York City via the George Washington Bridge, and its access to major Northern New Jersey thoroughfares, including Interstate 80, the New Jersey Turnpike, Route 46 and Route 9. Newark Liberty International Airport and The Port of New York and New Jersey are also nearby. As a result of this connectivity, tenants can reach 72% of the U.S. population within 24 hours.
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.
“Despite the current inefficiencies in the capital markets, well located industrial properties are highly sought after by both banks and life insurance companies,” Klein said. “Nationwide’s prior experience with the sponsors and understanding of the Meadowlands Industrial Market allowed them to seamlessly close this loan in an accelerated timeframe with an attractive rate and prepayment flexibility.”
“Lender pipelines are down as we start the year and therefore are very aggressively pursuing compelling investment opportunities,” Mikula added.