A partnership has closed on $35 million in construction financing to build a new warehouse facility in Monroe Township.
KRE Group, a real estate investment and management company, and TCH Docks Corner Lane LLC, announced Tuesday the facility, situated on 28 acres, will offer 382,400 square feet of rentable square footage and 34,000 square feet of office space at 251 Docks Corner Road.
KRE and TCH acquired the site in December 2018. The building is currently 100% pre-leased.
“KRE is continuously looking for standout properties in prime locations throughout New Jersey that will bring new firms and talent to their respective cities,” Jeremy Kaplan, chief operating officer of KRE Group, said. “The acquisition of 251 Docks Corner Road, along with this recent financing, will allow us to build a state-of-the-art warehouse facility in the Township of Monroe, one of South Jersey’s most desirable commercial destinations.”
The loan, provided by Provident Bank, is a construction/permanent loan. Axiom Capital served as the broker in the deal.
