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Deals & Dealmakers

$75.8M financing secured for multi-tenant industrial portfolio in Newark

 JLL Capital Markets announced today that it has arranged $75.8 million in acquisition financing for Newark Distribution Center, a 738,238-square-foot, three-building industrial portfolio in the port submarket of Newark, New Jersey.

JLL represented the borrower, Hines, in securing the acquisition loan through SMBC.

The portfolio is fully leased to 16 tenants across a multitude of industries, including third-party logistics and warehousing, manufacturing, vertical farming R&D, art storage and distribution and more. In addition to the three buildings, the property also includes 23,302 square feet of land used for trailer parking that is leased to One Stop Newark. Newark Distribution Center offers 13’10” – 27’1” clear heights, a total of 68 dock doors and approximately 80 car parking spaces.

Newark Distribution Center is positioned on 19.47 acres at 397-497 and 400 Ferry St. and 100 Christie St., less than two miles from Interstates 95, 280 and 78, allowing tenants to convenient access to the 19.1 million consumers within the New York metro area. The portfolio further benefits from its proximity to the Port of New York/New Jersey (2.7 miles), the largest port on the East Coast, and Newark Liberty International Airport (4.7 miles), which has more than 290 acres of cargo operations serving more than 45 air carriers.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Colby Mueck, Managing Director Matthew Pizzolato and Associate Ryan Carroll.

“Even with the recent volatility in the capital markets, we were able to secure very attractive debt terms for our client that will allow them to execute their business plan,” said Pizzolato.

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.

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