18-building industrial acquisition financed for $48.8M
JLL Capital Markets arranged the loan for Cohen Asset Management’s portfolio acquisition in Northern New Jersey
MORRISTOWN, N.J., Jan. 19, 2021 – JLL Capital Markets announced today that it has arranged $48.8 million in financing for Cohen Asset Management’s acquisition of an 18-building industrial portfolio totaling approximately 725,000 square feet across the Meadowlands and surrounding markets in New Jersey.
The portfolio is located in some of the most densely populated areas of Northern New Jersey in highly demanded infill locations in the Meadowlands and surrounding markets. The properties offer exceptional access to New York City via the Lincoln and Holland Tunnels and the George Washington Bridge. Additionally, the properties are easily accessible from key Northern New Jersey highways, including the New Jersey Turnpike and Interstate 80.
The portfolio is primarily comprised of single-tenanted and multi-tenanted shallow bay industrial warehouses ranging between 16,000 and 78,000 square feet in size. Fully leased at acquisition, the portfolio is home to a diverse mix of tenants ranging from multi-national corporations to regional and local companies.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jon Mikula and Vice President Michael Lachs.
“This was an exciting acquisition to be part of, especially during COVID,” Mikula said. “Industrial continues to be in high demand by lenders and investors alike.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Cohen Asset Management, Inc.
Cohen Asset Management, Inc. (“CAM”) is a premier private real estate investment firm that is headquartered in Southern California with a regional office in Northern New Jersey. CAM has acquired over 40 buildings in the New Jersey/New York marketplace in the current investment cycle totaling over 6 million square feet, with a current footprint of 33 buildings exceeding 3 million square feet. The firm has an established history as a prominent and active owner-operator spanning several decades with a focus on the industrial and logistics sector, including fulfillment, warehouse and distribution centers, manufacturing facilities and infill/last mile properties aimed at providing solutions for the growing 21st century e-commerce economy and global supply chain. Please visit their website at cohenasset.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $86.5 billion in commercial real estate assets (as of September 30, 2020). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.