Commercial Realty Group secured a 10-year, fixed-rate $9 million loan through a life company correspondent, TruStage, for 700 Bartley Chester Road, a 160,999-square-foot industrial warehouse building in Mount Olive, according to an announcement from JLL Capital Markets, which worked on behalf of Commercial Realty Group.
Built in 1982, the building offers ceiling heights ranging from 19.1 feet to 21.9 feet, spacious column spacing of 50 feet by 50 feet, 112 surface parking spaces, 30 trailer parking spaces, 11 tailboard loading docks and three drive-in doors.
The property is fully leased to Uncommon Logistics, a technology-driven logistics and transport management company, which has been a tenant at the property since 2002 and recently renewed its lease. The building’s designation as a Foreign Trade Zone emphasizes both the tenant’s reliability and the strategic advantage of their continued tenancy with the International Trade Center located only 5.7 miles away in Mount Olive.
The location of 700 Bartley Chester Road in Mount Olive offers several advantages for the tenant. Situated in the suburban upper-middle-class community of Morris County, this property benefits from its central position in northern New Jersey. Additionally, located along Route 206, its access to Interstates 80, 78 and 287 has made the town a heavily demanded location for industrial users for decades. The property is also within 25 miles of both Newark Liberty International Airport and the Port of New York and New Jersey.
The JLL Debt Advisory team was led by Senior Managing Director Gregory Nalbandian and Senior Analyst Benjamin Morgenthal.
“We are thrilled to have secured 10-year, non-recourse, permanent financing at a very attractive interest rate for our client’s strategic long-term asset,” Nalbandian said. “The property’s exceptional features, strategic location and designation as a Foreign Trade Zone made it an attractive investment opportunity with TruStage stepping up and delivering an exceptional loan meeting all of the client’s objectives.”
