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.”
