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Deals & Dealmakers

Acquisition financing arranged for Northern New Jersey industrial and outdoor storage facility

JLL Capital Markets announced today that it has arranged acquisition financing for a fully leased, 66,000-square-foot light industrial building with nearly an acre of outdoor storage space in the Northern New Jersey community of Patersotimn.  

JLL worked on behalf of the borrower, Timberline Real Estate Ventures, to place the fixed-rate, non-recourse loan with Blue Foundry Bank.

The property consists of a 66,000-square-foot warehouse building at 845 East 25th St. that is fully leased to Kamco Supply, one of the largest commercial and residential building material suppliers in the New York Metro Area. The 3.35-acre site is improved with a single-story building constructed in 1940 featuring warehouse and showroom/office space. A key component of the asset is the nearly one acre of paved and secure outdoor storage area, a rare amenity in the Northern New Jersey market.

The property is in Paterson, approximately 20 miles west of Manhattan in Passaic County. Passaic County is part of New Jersey’s Gateway Region, which has one of the strongest combinations of transportation infrastructure and population density in the country. More than four million residents live in the region, with direct access to some of the highest volume port facilities in the nation. The property is also located in an Urban Enterprise Zone, an economic incentive zone offering half sales tax and other state benefits to tenants.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein, Director Alex Staikos and Vice President Michael Lachs.

“JLL is pleased to have secured acquisition financing for another industrial property on behalf of Timberline Real Estate Ventures as it continues to grow its New York Metro Area industrial portfolio,” Klein said. “Blue Foundry Bank quickly understood the high demand for the property driven by its outdoor storage capabilities, proximity to Interstate 80, and location in an Urban Enterprise Zone.

“JLL specializes in financing properties with values driven by their industrial outdoor storage (“IOS”) capabilities,” Klein added. “IOS properties are in high demand by tenants and investors alike and are critical to New Jersey’s industrial distribution network. This rapidly developing subset of the market is still untapped by many lenders.”

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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