Newark industrial facility acquisition financed

MORRISTOWN, N.J., Feb. 1, 2022 – JLL Capital Markets announced today that it has arranged acquisition financing for a 131,205-square-foot, single-tenant industrial warehouse and distribution facility at 241 Oraton St. in Newark, New Jersey.

JLL worked on behalf of the borrower, Thor Equities Group, to place the 11-year, fixed-rate, non-recourse loan with National Life Group.

The property occupies five acres in a strategic logistics location in Newark. 241 Oraton St. is along Route 21, which provides connectivity to a host of area transportation thoroughfares, including Interstates 95, 280 and 78, and, by extension, the vital infrastructure the tenant requires. The Holland Tunnel and the Port of Newark are both eight miles away, with Newark Liberty International Airport only a six-mile journey from the property. Within an hour’s drive, the tenant can reach all of Northern New Jersey, Southern New Jersey, Manhattan, Staten Island and Queens.

Located within the Port Industrial submarket, a highly sought-after infill logistics location, 241 Oraton St. is positioned for last-mile distribution. According to JLL Research’s New Jersey Industrial Insight report for the fourth quarter of 2021, the vacancy rates for the submarket are at a low 1 percent, lower than the average New Jersey market vacancy rate of 1.3 percent. The property is also within the highly sought-after Route 21 Corridor, a favorite among occupiers and investors for its connectivity.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Director David Sitt, Managing Director Peter Rotchford, Senior Director Matthew Pizzolato and Analyst Jake Moore.

“We received tremendous interest from the lending community on this asset given the premier sponsorship and location of the asset in one of the most sought-after industrial submarkets in the country,” Pizzolato said. “National Life Group recognized this and stepped up to offer an attractive 11-year, fixed-rate loan that is full term interest only.”

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.

For more news, videos and research resources on JLL, please visit our newsroom.