News release

Multi-tenant industrial portfolio in New Jersey refinanced with $14.35M

JLL Capital Markets arranged the loans for the three-property portfolio in Raritan Center Business Park

September 14, 2021

MORRISTOWN, N.J., Sept. 14, 2021 – JLL Capital Markets announced today that it has arranged a $14.35 million refinancing for a three-property industrial portfolio totaling more than 430,000 square feet in the Raritan Center Business Park in Edison, New Jersey.

JLL worked on behalf of the borrower, Summit Associates, Inc., to place three, uncrossed fixed-rate loans with terms ranging from 10 to 12 years with a correspondent life insurance company. Loan proceeds were used to retire existing debt and fund minor tenant improvements.

The properties within the portfolio consist of the 199,494-square-foot building at 45 Fernwood Ave., the 159,550-square-foot building at 110 Newfield Ave. and the 74,925-square-foot asset at 450 Raritan Center Pkwy. Built between 1980 and 1991, the properties have maintained near full occupancy and are currently 99 percent leased to 20 tenants.

Located in the heart of Middlesex County, Raritan Center Business Park serves as a key infill distribution point for the subject’s tenants to reach both the New York City MSA and Southern New Jersey markets. The location provides tenants with direct access to a robust highway network that includes the NJ Turnpike, the Garden State Parkway and I-287, each of which is less than three miles away. Additionally, the location provides tenants access to 19 major U.S. markets and nearly 33 percent of the U.S. population withing 24 hours’ drive time.

JLL Research’s Industrial Tenant Demand Study details the strength of the New Jersey Industrial market, which continues to demonstrate robust demand, heavily driven by port activity and e-commerce sales. Port Elizabeth-Newark is less than 25 miles from the properties which has helped tighten market vacancy in Raritan Center Business Park to less than one percent, while average asking rents have exceeded $11 per square foot.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Michael Klein and Director Max Custer.

“We are pleased to have helped Summit Associates, Inc. with another set of long-term loans to refinance properties within the Raritan Center Business Park,” Klein said. “The strategic timing of rate lock and execution allowed the borrower to capitalize on a historically low interest rate environment while avoiding early prepayment fees.”

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 and 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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Summit Associates, Inc.

Summit Associates, Inc. (SAI), is a full-service real estate development and management company based in Edison, New Jersey. As one of the garden state’s premier commercial real estate firms, the company has built, owned and manages over three million square feet of warehouse/distribution, flex/high-tech and office space situated in choice locations throughout New Jersey, with a particular concentration in the Raritan Center Business Park.