Pennsylvania and New Jersey industrial portfolio refinanced for $16.86M

MORRISTOWN, N.J., May 27, 2021 – JLL Capital Markets announced today that it has arranged a $16.86 million refinancing for a multi-tenant industrial portfolio totaling 258,123 square feet across six buildings in the Lehigh Valley and in Toms River, New Jersey.

JLL worked on behalf of the borrower, Denholtz Properties, to place two separate 10-year, fixed-rate, non-recourse loans with Minnesota Life Insurance Company.

The portfolio, which is home to 58 tenants, includes two fully leased buildings in the Lehigh Valley, which consist of a 98,291-square-foot property at 7036 Snowdrift Rd. in Upper Macungie and a 65,205-square-foot, single-story property at 969 Postal Rd. in Allentown. The four-building Northampton Business Park at 1545-1575 Route 37 West in Toms River totals 94,627 square feet and is 97% leased. The portfolio features clear heights ranging from 12 to 20 feet, 28 loading docks, 64 drive-in doors and were completed between 1982 and 1985.

The Lehigh Valley is widely recognized as one of the top industrial markets in the United States due to its strong logistical capabilities to reach the largest population base in the country within a one day’s drive. Northampton Business Park is within New Jersey’s Ocean County Industrial submarket, which benefits from proximity to major highways and a dense population that increases demand for small space industrial product.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein, Director Michael Pagniucci and Analyst Gerard Quinn.  

“Demand for quality industrial product in this region continues at unprecedented levels,” Mikula said.  “Lender interest in this transaction was diverse and aggressive.”

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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