JLL secures loan for North New Jersey industrial portfolio
The 11-building portfolio is fully leased and in Edison, New Jersey
MORRISTOWN, N.J., January 29, 2020 – JLL Capital Markets announced today that it has arranged permanent financing for a fully leased 11-building industrial portfolio totaling 947,058 square feet in Edison, New Jersey.
JLL worked on behalf of the borrower, Summit Associates, to place eight uncrossed, fixed-rate loans with terms of 10, 12 and 15 years with a correspondent life insurance company.
The portfolio is comprised of 104 Sunfield Avenue; 305 Clearview Road; 523 Raritan Center Parkway; and 70, 75, 80, 85, 90, 95, 100 and 105 Newfield Avenue. Built throughout the 1980s, the portfolio consists of single and multi-tenant buildings with ceiling heights ranging from 20 to 24 feet.
The portfolio is exceptionally located and sits within Raritan Center, one of the largest business centers in the Northeast. Raritan Center contains close to 15 million square feet of office, research, warehouse/distribution and light industrial space in over 100 buildings with more than 3,000 tenants. Amenities at the center include a large expo center, several hotels, three banks, a travel agency and a daycare center. The daily workforce at Raritan Center consistently exceeds 25,000. Raritan Center is strategically located with convenient access to the New Jersey Turnpike, Garden State Parkway, I-287 and U.S. Routes 1 and 9. The proximity to this expansive transportation system has made Raritan Center a distribution hub for warehousing and serving points throughout the northeast. Many of these industrial tenants also utilize Raritan Center for office space, enjoying the ease of having both their office locations and industrial locations in the same business park.
The JLL Capital Markets team representing the developers was led by Managing Director Michael Klein and Analyst Andrew Zilenziger.
“JLL is pleased to have represented Summit Associates once again,” Klein said. “The relationship between the lender, the borrower and JLL and its predecessor company, HFF, dates back over 30 years. During this time, the lender has recognized the historical strength of the Raritan Center industrial market and SAI’s dominant position as a landlord within the park. As a result, the lender was able to provide an extremely attractive loan structure that enabled the borrower to stager the loan maturities, not cross the individual loans, and take advantage of an attractive interest rate on a long-term basis.”
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.
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 Summit Associates Inc.
Summit Associates Inc. is one of New Jersey’s premier real estate developers. It has developed over three million square feet of office, hi-tech and distribution space throughout the state. Visit sairealestate.com for more information.