JLL Capital Markets on Friday said it arranged $28 million in permanent financing for a 215,000-square-foot shallow-bay industrial facility located in North Bergen.
JLL worked on behalf of the borrower to secure the fixed-rate loan from Nuveen Real Estate.
Originally built in the 1960s and renovated in the early 2000s, the property is currently 96% leased by seven tenants, covering a variety of industries such as textiles, entertainment, food products, relocation services and more. The property offers 16- to 22-foot clear heights, 14 dock doors, five drive-in doors and 81 car parking spaces.
The property is situated in close proximity to the Lincoln Tunnel while also enjoying excellent regional connectivity with access to major highways such as the New Jersey Turnpike (Interstate 95), Route 3, Route 9, Route 46 and I-80. Additionally, the facility is less than 10 miles from both Newark Liberty International Airport and the Port of New York and New Jersey, two major gateways for international trade.
The JLL Debt Advisory team was led by Senior Managing Director Jon Mikula, Director Max Custer and analyst John Cumming.
“This financing underscores the robust demand for industrial properties in the North Bergen/Secaucus submarket,” Mikula said. “With very limited new construction projects currently underway in the area, the market is poised to witness sustained low vacancy rates and continued rent growth.”
