JLL arranges $10.71M financing for industrial acquisition
The Central New Jersey warehouse is fully leased to a pharmaceutical tenant
MORRISTOWN, N.J., July 6, 2020 – JLL Capital Markets announced today that it has arranged $6.3 million in debt financing and $4.4 million in joint venture equity for the acquisition of a 129,600-square-foot industrial building leased to a pharmaceutical company along with excess land for a future industrial development in the Central New Jersey communities of Freehold and Howell.
JLL exclusively worked on behalf of Camber Real Estate Partners to arrange the joint venture equity and acquisition financing with one of its life insurance company correspondents.
Situated on 42.58 acres, 569 Halls Mill Rd. spans three parcels split between two Monmouth County communities, Freehold and Howell. The property is proximate to major thoroughfares within the region, including the Garden State Parkway, and near a four‐way cloverleaf interchange of Route 33, which provides direct ingress/egress to New Jersey’s vast highway network. The existing tenant, a credit-worthy, publicly traded global pharmaceutical company at the forefront of COVID-19 testing kits, has been a long-term tenant at the property.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Greg Nalbandian.
“Camber acquired this mission-critical warehouse facility off-market at a very attractive basis,” Nalbandian said. “We were excited to bring a new and unique capital relationship to our client with one of our life insurance company correspondents that provided both debt and equity financing at very attractive terms.”
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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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, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Camber Real Estate Partners
Camber Real Estate Partners is a fully integrated real estate investment company specializing in the acquisition, development and repositioning of real property in the New York Metropolitan Area. The firm’s principals have over 30 years of experience investing in core markets through multiple cycles. The company is dedicated to generating superior risk-adjusted returns for its investors and partners and creating value for all stakeholders of the communities in which it invests. The cornerstone of Camber Real Estate Partners’ investment strategy is middle-market transactions with strong fundamentals that can be stabilized at a discount to intrinsic value.