$47M in financing secured for New Jersey warehouse facility
JLL Capital Markets arranged the acquisition financing for the 330,000-square-foot property located at 153 Linden St. in Passaic, New Jersey
MORRISTOWN, NJ, Oct. 7, 2022 – JLL Capital Markets announced today that it has secured the $47 million acquisition financing of a 330,000-square-foot warehouse/distribution facility in Passaic, Passaic County, New Jersey.
JLL worked on behalf of the borrower, Thor Equities Group, to secure the three-year, floating-rate loan through Tremont Realty Capital.
153 Linden St. is segmented into a 115,000-square-foot section with 27-foot clear heights, a 163,000 square foot section with 16-foot clear heights and 52,000 square feet of outparcel buildings. The property is currently home to Waitex Group International, a third-party logistics tenant, who uses the site as a distribution/warehouse facility. The facility boasts 17 dock-high doors with two internal docks, two drive-in doors and 36 trailer parking spots.
The facility is located in the Route 3/ GSP industrial submarket, which is a desirable market for distribution and warehouse users, as well as last-mile distribution users due to its proximity to major Northern New Jersey thoroughfares and New York City. The property has exceptional access to key highways including I-80, Route 46, Route 19, Route 3, Route 21, the Garden State Parkway and the New Jersey Turnpike. Newark Liberty International Airport and The Port of New York and New Jersey are also near the warehouse.
The JLL Capital Markets Debt Placement team representing the borrower was led by David Sitt, Peter Rotchford, Matthew Pizzolato and Ryan Carroll.
“Even with the recent volatility in the capital markets, we continue to see strong interest from the lending community for well-located, institutional quality industrial assets,” said Pizzolato. “Tremont Realty Capital provided attractive terms that will allow Thor to execute their business plan.”
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Thor Equities Group
Thor Equities is a leader in the development, leasing and management of office, industrial, laboratory, residential, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its U.S. holdings, the company has assets in European gateway cities including London, Paris, Madrid and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge. For more information, visit thorequities.com.