News release

New industrial development in Central New Jersey financed for $12.66M

The Class A, speculative warehouse/distribution center will be in Hamilton Township

February 18, 2021

MORRISTOWN, N.J., Feb. 18, 2021 JLL Capital Markets announced today that it has arranged $12.66 million in construction financing for the development of 130 Commerce Center, a Class A, 171,000-square-foot, state-of-the-art industrial warehouse and distribution center near the I-95 corridor in Hamilton Township, New Jersey.

JLL worked on behalf of the developer, Penwood Real Estate Investment Management, LLC, and Metrix Real Estate Services, LLC to place the three year, floating-rate, non-recourse loan with a money center bank. The project will be constructed on a speculative basis and provide a centrally located warehouse and distribution facility for prospective logistics or e-commerce focused companies.

With a target completion date in 3Q 2021, 130 Commerce Center will feature steel frame construction, a metal roof deck, 36-foot clear height, 40 loading positions, deep speed bays, 50 trailer parking stalls, ample vehicle parking and a modern fire safety and lighting system. The development will repurpose a site that was previously improved with a retail strip center.

The COVID-19 pandemic and the shelter-in-place policies that ensued have accelerated e-commerce growth and the need for warehouse space across the nation. JLL expects e-commerce sales could hit $1.5 trillion by 2025, which, in turn, will increase the demand for industrial real estate to an additional 1 billion square feet.

Situated on 19.61 acres at 537 Route 130 in Hamilton Township, 130 Commerce Center is within the Trenton Industrial Submarket and located among the major East Coast economic centers, including New York and Philadelphia, which will offer a future tenant access to 19 major U.S. markets and nearly 33 percent of the U.S. population withing 24 hours. The site is within 2.5 hours of three major ports: Ports of Newark-Elizabeth, Philadelphia and Baltimore. Additionally, the building provides for easy access to an extensive array of highways, including the New Jersey Turnpike (Interstate 95) and Routes 1, 206, 31 and 33.

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

“JLL is pleased to have placed another speculative development loan on behalf of Penwood Real Estate Investment Management and Metrix Real Estate Services,” Klein said. “The project’s Class A design and quality, its exceptional location and the New Jersey industrial market’s robust fundamentals will undoubtedly make 130 Commerce Center a great success. The developers have demonstrated a consistent track record in delivering high-quality distribution and warehouse product, which will very likely result in the project being fully leased well in advance of construction completion.”

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

Metrix Real Estate Services, LLC 

Metrix is a private investment and development company that was established in 2017 by Michael Nachamkin and is headquartered in Princeton, New Jersey. Metrix’s team also includes Botond Farkas, an experienced construction executive and former colleague of Mr. Nachamkin at Prologis. Prior to founding Metrix, Nachamkin served as a senior executive focused on industrial development, primarily in the northeast on behalf of Security Capital Industrial Trust (the predecessor to Prologis), Whitehall Industrial Properties (a Goldman Sachs-sponsored entity), Prologis and Oakmont Industrial Group. He was most recently head of industrial investment sales, debt & equity placement for HFF. Throughout his career, Mr. Nachamkin has developed in excess of 15 million square feet of space throughout the northeast U.S. and Canada. For more information, please visit