JLL Capital Markets on Thursday said it arranged acquisition financing for a fully leased, 66,000-square-foot light industrial building with nearly an acre of outdoor storage space in Paterson.
JLL worked on behalf of the borrower, Timberline Real Estate Ventures, to place the fixed-rate, non-recourse loan with Blue Foundry Bank.
Located at 845 E. 25th St., the building is fully leased to Kamco Supply, one of the largest commercial and residential building material suppliers in the New York metro area. The 3.35-acre site is improved with a single-story building constructed in 1940 featuring warehouse and showroom/office space. A key component of the asset is the nearly one acre of paved and secure outdoor storage area, a rare amenity in the Northern New Jersey market.
The property is in Paterson, approximately 20 miles west of Manhattan in Passaic County. Passaic County is part of New Jersey’s Gateway Region, which has one of the strongest combinations of transportation infrastructure and population density in the country. The property is also located in an Urban Enterprise Zone, an economic incentive zone offering half sales tax and other state benefits to tenants.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein, Director Alex Staikos and Vice President Michael Lachs.
“JLL is pleased to have secured acquisition financing for another industrial property on behalf of Timberline Real Estate Ventures as it continues to grow its New York metro area industrial portfolio,” Klein said. “Blue Foundry Bank quickly understood the high demand for the property driven by its outdoor storage capabilities, proximity to Interstate 80, and location in an Urban Enterprise Zone.
