JLL Capital Markets announced has arranged $6.3 million in debt financing and $4.4 million in joint venture equity for the acquisition of a 129,600-square-foot industrial building leased to a pharmaceutical company along with excess land for a future industrial development in the Central New Jersey communities of Freehold and Howell.
JLL exclusively worked on behalf of Camber Real Estate Partners to arrange the joint venture equity and acquisition financing with one of its life insurance company correspondents.
Situated on 42.58 acres, 569 Halls Mill Rd. spans three parcels split between two Monmouth County communities, Freehold and Howell. The property is proximate to major thoroughfares within the region, including the Garden State Parkway, and near a four‐way cloverleaf interchange of Route 33, which provides direct ingress/egress to New Jersey’s vast highway network. The existing tenant, a credit-worthy, publicly traded global pharmaceutical company at the forefront of COVID-19 testing kits, has been a long-term tenant at the property.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Greg Nalbandian.
“Camber acquired this mission-critical warehouse facility off-market at a very attractive basis,” Nalbandian said. “We were excited to bring a new and unique capital relationship to our client with one of our life insurance company correspondents that provided both debt and equity financing at very attractive terms.”