JLL arranges $31.12M financing for 5 Wood Hollow Rd in NJ
Strategically located, Class A office property in New Jersey’s Morris County
MORRISTOWN, N.J., February 3, 2020 – JLL Capital Markets announced today that it has arranged $31.12 million in financing for 5 Wood Hollow Road, a 330,631-square-foot office building in Parsippany, New Jersey.
JLL worked on behalf of the borrower, PAG Investments, to secure the three-year, floating-rate loan with Prime Finance. The bridge loan has two one-year extension options and proceeds will be used to acquire the property and fund future capital expenditures and leasing advances.
5 Wood Hollow Drive is strategically located on 22.99 acres at the Interstate 80 and 287 interchange in northern Parsippany. The three-story building features average floor plates of 117,000 square feet, an atrium lobby, a full-service cafeteria, fitness center, conference facilities and ample parking. 5 Wood Hollow Drive is currently 65% leased.
The JLL Capital Markets team representing the borrower included Senior Managing Director Michael Klein and Associate Andrew Zilenziger.
“JLL is pleased to have represented PAG Investments once again to secure acquisition financing for its rapidly growing commercial real estate portfolio,” said Klein. “With its attentive management and leasing efforts and an extensive capital expenditure program, PAG will quickly be able to turn this asset into a true Class A building and attract and retain tenants that will stabilize and maintain a high occupancy for years to come.”
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 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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About PAG Investments
PAG Investments is a privately-held real estate investment firm headquartered in New York City. PAG is focused on the acquisition, development, redevelopment and management of retail, industrial and office properties in the Northeast and mid-Atlantic. PAG has an excellent track record in the ownership and management of real estate assets and seeks to create value for investors and the communities in which they work and live.