JLL Capital Markets on Wednesday announced the sale, joint venture acquisition equity and debt placement for 1 Electronics Drive, a 16-acre flex/industrial property located in Hamilton.
Acting on behalf of the seller, BTR Capital Group, JLL Capital Markets facilitated the sale to Saxum Real Estate Partners. Additionally, working on behalf of the new owner, JLL secured joint venture equity from Meadow Partners along with acquisition financing from Prime Finance.
JLL’s Tom Romano, managing director, initiated the relationship as the leasing agent for BTR Capital Group and assembled a best-in-class real estate investment advisory team including Senior Managing Directors Jeremy Neuer, Marc Duval and Jose Cruz, Managing Director Jordan Avanzato, Directors Jason Lundy and Nick Stefans and associate Conor Walsh, to collaborate on the sale.
Duval and Lundy also secured the joint venture equity on behalf of the buyer, while Senior Managing Director Michael Klein and Managing Director Tom Didio Jr., secured the debt.
“JLL is committed to putting the full power of the platform to use for our clients,” Duval said. “This was a joint effort across four teams in two different offices who have embraced the change and growth within our industry.”
“Saxum and Meadow Partners’ reputation and business plan for the asset drew significant interest from lenders. We are happy to have secured acquisition financing that best met the sponsorship’s needs,” Klein added.
The low-coverage property sits on 16-acre lot, featuring an existing 80,000-square-foot building, which is 72% leased, and 530 surface parking spaces. The property’s location and layout provides flexibility for future utilization.
“As developable land becomes increasingly scarce in the highly sought-after Central New Jersey industrial market, 1 Electronics Drive is perfectly positioned to cater to the growing demand for prime locations with strong leasing fundamentals,” Lundy said. “Additionally, we’re looking forward to seeing the new venture execute their business plan and capitalize on the region’s high demand for multitenanted, shallow bay industrial space.”
