JLL Capital Markets arranged $7 million in permanent financing for 11 Aspen Drive, a newly completed 40,586-square-foot warehouse industrial building in Randolph.
JLL represented the venture between North Jersey Development Group and Commercial Realty Group, to secure the fixed-rate, 11-year loan through life company correspondent, Aegon Asset Management.
Delivered in late 2023, the property features 36-foot clear ceiling heights, seven rear loading docks, a 110-foot-deep paved truck court, 61 parking spaces and a modern exterior design. The facility is fully leased to two tenants: Red Bull, utilizing the space for marketing and distribution, and Dominion Solutions DBA Source4, which uses the space for storage and distribution operations.
Located in Morris County within the Aspen Business Park, 11 Aspen Drive benefits from proximity to major highways (I-80, US Route 46 and NJ Route 10) and access to skilled labor pools. The property is also situated 25 miles from Newark Liberty International Airport, 26.5 miles from the Port of New York and New Jersey, and offers easy access to New York City.
The JLL Debt Advisory team was led by Senior Managing Director Gregory Nalbandian and Senior Analyst Benjamin Morgenthal.
“The sponsor/developer was seeking to replace their bank construction financing with an attractive long-term fixed rate loan upon stabilizing the asset,” Nalbandian said. “Aegon saw an attractive opportunity to secure a loan on a highly desirable industrial asset and delivered outstanding terms.”
