News release

Fully leased Northern New Jersey industrial campus refinanced

JLL Capital Markets arranged the loan for Denholtz Properties’ two-building multi-tenant facility in Fairfield, N.J. 

July 20, 2021

MORRISTOWN, N.J., June 20, 2021JLL Capital Markets announced today that it has arranged a refinancing for Fairfield Industrial Campus, a fully leased, two-building industrial facility totaling 90,000 square feet in the Northern New Jersey community of Fairfield, New Jersey.

JLL worked on behalf of the borrower, Denholtz Properties, to place the 10-year, fixed-rate loan with Principal Real Estate Investors. Loan proceeds will be used to retire existing debt and repatriate equity to its long-time investors.

Fairfield Industrial Campus is situated on 5.97 acres at 16-18 Passaic Ave. in Northern New Jersey’s Fairfield Industrial submarket.  The submarket currently boasts a vacancy rate of just 2.2 percent and has achieved 8 percent year over year rental increases resulting in market asking rents of $9.90/square foot (NNN). The site benefits from direct access to Route 46 and Interstates 80, 280 and 287. New York City, the Port of Newark-Elizabeth and Newark Liberty International Airport are all less than 25 miles from the campus.

Completed in 1970, the multi-tenant buildings feature 19-foot clear heights, 18 loading positions, LED lighting, 20,700 square feet of office space and 157 parking spaces. Fairfield Industrial Campus is fully leased to 18 tenants in a variety of industries. Historically, the complex has been well leased with an average occupancy rate of 98 percent over the past five years.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Analyst Gerard Quinn.

“Last-mile logistics in suburban markets like Fairfield are critical to our economy, and Fairfield Industrial Campus has provided that for decades,” said Mikula.

“The Fairfield market has always been well occupied, given its access to an extensive transportation infrastructure, deep labor pool and proximity to nearby executive bedroom communities of small and mid-sized business that the subject caters to,” Klein added.

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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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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Denholtz Properties 

Denholtz Properties is a privately held, vertically integrated commercial real estate investment and development company with a diversified portfolio of assets in strategic markets. Based in Red Bank, N.J. with a regional headquarters in Orlando, Fla., Denholtz Properties specializes in the acquisition and development of ground-up multifamily, industrial/flex and office properties.

Driven by an entrepreneurial spirit and a commitment to excellence, Denholtz Properties has continuously evolved over its 70-year history to consistently provide outsized investment returns. Additional information for Denholtz Properties is available online at

About Principal Real Estate Investors

Principal Real Estate Investors manages or sub-advises $90.3 billion in commercial real estate assets (as of March 31, 2021). 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®.