Joint venture equity on behalf of Red Bank-based Denholtz Properties has been arranged for the recapitalization of a portfolio of 16 light industrial buildings in New Jersey and Pennsylvania, according to a Thursday announcement from JLL Capital Markets.
The JLL Capital Markets Investment Advisory team was led by Managing Directors Marc Duval and Jordan Avanzato, Directors Nicholas Stefans and Jason Lundy and Senior Managing Director Jose Cruz.
The portfolio spans 630,822 square feet and is 99% leased to a diversified group of tenants, spanning industries such as logistics, food & beverage, technology and warehousing. The properties offer prominent access along major thoroughfares with barriers to entry for new development in prime markets of central and northern New Jersey along with Lehigh Valley, Pennsylvania.
“This opportunity was well-received by the capital markets community, which speaks to investors’ continued interest in deploying capital into hyperfocused operators,” Duval said. “Denholtz Properties will attract all tenants with their white-glove service and management capabilities.”
“The portfolio represented a highly compelling opportunity to acquire a dynamic, well-occupied and cash-flowing light industrial portfolio at an attractive basis,” Avanzato added.
Mark Mahasky, director, capital transactions for Denholtz Properties, stated: “Our multitenant industrial investment strategy has ensured high occupancy across our portfolio amidst continued economic uncertainty. We thank JLL for their work on this recap to allow us to continue to invest in these properties and create an unmatched experience for our tenants.”