New York-area light industrial building acquisition financed

MORRISTOWN, N.J., May 4, 2021 – JLL Capital Markets announced today that it has arranged acquisition financing for 2 Palmer Terrace, a 60,400-square-foot, single-tenant, triple-net-leased light industrial building in a last-mile location in the suburban New York City community of Carlstadt, New Jersey.

JLL worked on behalf of the borrower, Legacy Capital, to place the acquisition loan with Sound Point Commercial Real Estate Finance.

Situated on 2.97 acres, 2 Palmer Terrace is only five miles from New York City and less than one mile from the New Jersey Turnpike (Interstate 95), allowing the tenant to reach 20 million people within a 20-mile radius of the property. Additionally, the property is proximate to Newark International Airport, a major cargo hub, and Port Elizabeth-Newark, the principal ship facility for the New York metropolitan area. Additionally, 2 Palmer Terrace is in in the heart of the infill Meadowlands Industrial submarket, boasting the highest industrial rents in the New Jersey Industrial market.

Originally constructed in 1977 and renovated in 2014, the column-free building features clear heights ranging from 17 to 39 feet and four oversized drive-in bay doors. 2 Palmer Terrace is triple net leased to Sofive Soccer Centers, which uses the facility as one of its five locations in the Northeast that offers offering training, matches, leagues and tournament for athletes of all ages.

The JLL Capital Markets team representing the borrower was led by Directors Matthew Pizzolato and Thomas E. Didio, Jr.

“We continue to see tremendous demand from the lending community for well-located industrial product here in New Jersey,” Pizzolato said. “We were thrilled to help the Legacy Capital team secure this acquisition loan.”

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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