JLL Capital Markets on Tuesday said it arranged $93 million in financing for Matrix Logistics Park – Mount Olive, a two-property, under-construction, Class A warehouse and distribution industrial park totaling 781,748 square feet in Morris County.
JLL worked on behalf of the borrower, a Matrix Development Group-led venture, and secured the loan from Bank OZK.
The property at 2000 International Drive is situated on 13.629 acres and totals 196,748 square feet. Key building features include single-side loading capabilities, 36-foot clear height, 34 loading docks, two drive-in doors, 110 parking spaces and 43 trailer parking spaces.
The second property is located at 3000 Continental Drive, a site redeveloped from the former BASF U.S. headquarters. The building totals 585,000 square feet and includes 40-foot clear heights, cross-dock configuration, 107 loading doors, four drive-in doors, 306 parking spaces and 142 trailer spaces.
The portfolio is in Mount Olive, a suburban upper-middle-class community located 45 miles west of Manhattan in the western section of Morris County, along the Interstate 80, Route 206 and Route 46 corridors.
Mount Olive’s central location in northern New Jersey and access to Interstate 80 has made the town a heavily demanded location for families, commercial uses and industrial users for decades.
The project is within Mount Olive’s International Trade Zone, home to numerous research, development and manufacturing companies. The International Trade Zone is designated as a Foreign Trade Zone, which allows companies to reduce costs associated with importing and re-exporting goods to foreign countries. Additionally, the project is within walking distance of Mount Olive Train Station, providing New Jersey Transit Rail Service along the Morristown and Montclair-Boonton Lines.
The JLL Capital Markets team was led by Senior Managing Directors Thomas Didio and Jim Cadranell, Managing Director Thomas E. Didio Jr., Vice President Michael Lachs and analyst Olivia Doody.
“We continue to see very strong interest for to-be-built speculative industrial from a range of debt capital sources. Ultimately, Bank OZK stepped up to the plate to deliver an attractive solution for Matrix and their development partner. Thank you to the Matrix team for entrusting JLL to help bring to life this Class A industrial park,” Didio said.
“Bank OZK is pleased to provide construction financing for this large-scale Class A industrial development that will serve as a convenient, flexible and accessible distribution hub,” Dave Sarner, managing director of originations at Bank OZK, said.
