Cushman & Wakefield on Tuesday announced that it served as the exclusive adviser to Catalyst Development Partners in the procurement of $4.9 million in acquisition and predevelopment financing for 135 Whitman Ave., a 6.7-acre site in Edison.
The loan was provided by Streamline Realty Funding.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein represented the borrower in the transaction.
“We are thrilled to arrange the successful financing for this exceptional site that offers unparalleled accessibility throughout New Jersey,” Alascio said. “The property’s location just off Interstate 287, coupled with a sponsor experienced in environmental remediation, makes this site an invaluable asset.”
The site carries a zoning of light industrial, which would allow for the development of an 82,500-square-foot industrial facility or parking/storage as an ancillary use, maximizing optionality. The transaction permits the return of the property to the tax rolls and productive use after more than two decades sitting vacant due to environmental concerns.
The property is strategically located right off Exit 2 on Interstate 287, only two miles from Exit 10 of the New Jersey Turnpike. Additionally, the property is situated in a prolific industrial district, surrounded by top-tier users including FedEx, Costco and Walmart.