JLL Capital Markets announced today that it has arranged construction financing for 12 Porete, a to-be-built, 111,660-square-foot warehouse facility in North Arlington, New Jersey.
JLL worked on behalf of the sponsorship, a joint venture between Hampshire Companies and Invesco Real Estate, a global real estate investment manager, to secure the three-year construction loan through BMO Financial Group.
12 Porete Ave. was previously improved with a 91,000-square-foot warehouse building that is being razed to make way for a new best-in-class warehouse. The new facility will feature 40-foot clear heights, 22 dock-high doors, five trailer parking spaces and a four percent office finish.
The property is positioned on a 5.59-acre site within the Meadowlands, one of Northern New Jersey’s coveted industrial locations. 12 Porete Ave. has excellent access to major thoroughfares, including the New Jersey Turnpike and Interstates 78 and 80, which provide distributors access to major metropolitan areas, including New York City and Philadelphia, as well as the Port of New Jersey and Newark International Airport.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein, John Rose and Jon Mikula and Associate Ryan Carroll.
“12 Porete Avenue is an ideal location for a distribution hub given its accessibility to an extensive transportation infrastructure network and proximity to nearly one third of the U.S. population within 24 hours,” Klein said. “Hampshire and Invesco Real Estate are building a best-in-class facility and we’re honored to have played a role in the financing.”
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.
For more news, videos and research resources on JLL, please visit our newsroom.