JLL Capital Markets arranged $15.3 million in acquisition financing for Kuser Industrial Center, a new, fully leased, state-of-the-art bulk distribution warehouse building in the Trenton-area community of Hamilton.
JLL worked on behalf of the borrower, Cohen Asset Management in a joint venture with ASB Real Estate, to place the 7.25-year, fixed-rate loan with Principal Real Estate Investors.
Kuser Industrial Center was completed in 2020 with Class A features, including a 36-foot clear height, deep truck courts, 18 dock-high doors, ESFR fire protection, LED lighting, 32 trailer parking stalls and ample auto parking. The property is triple net leased to Greenfield World Trade and Productiv Inc.
Situated on 16.5 acres at 2555 Kuser Road, the center is in a sought-after logistics location within the New Jersey Turnpike Corridor. From this position, the tenant has easy access to central New Jersey’s network of highways, enabling distributors to reach more than 130 million consumers and one-third of the country’s population within one-day’s drive. Philadelphia is less than 40 miles away, with New York City approximately 58 miles from the property.
The building is part of the Exit 7A industrial submarket, which is one of the tightest industrial areas in the state. JLL Research’s New Jersey Industrial Insight report for the third quarter of 2021 shows vacancy rates are just at 0.1%, which is significantly lower than the average New Jersey Industrial market rate of 1.7%. Given that there have been zero completions of new industrial product in this submarket year-to-date and with only 403,344 square feet under construction, investors and tenants alike are seeking industrial space in this submarket.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Jon Mikula and associate Carlos Silva.
