JLL Capital Markets announced Oct. 6 that it has secured $65.4 million in financing for Passaic Logistics Center, a 295,506-square-foot Class A industrial facility at 122 8th St. in Passaic.
JLL represented the borrower, a joint venture between PCCP and Stonemont Financial Group, to secure a bridge loan through TPG Real Estate Credit. Other financial details were not available.
The logistics facility was completed in the fourth quarter of 2024 and features 40-foot clear heights, 40 dock-high doors, 55 trailer stalls, 167 car parking spaces and a 130-foot truck court. The property is on a 17.7-acre site and was designed with the flexibility to accommodate single or multiple tenants during lease-up.
The logistics center is seven miles from the New Jersey Turnpike and 12 miles from New York City and has access to interstates 78 and 80. Also, the facility is near the coveted Meadowlands submarket, enabling same-day or next-day delivery capabilities to Northern New Jersey, New York City, and Long Island.
