JLL Capital Markets arranged an $11 million loan to refinance Reuten Corporate Park, a five-building property with 156,782 s/f of industrial and office space, in Closter, N.J.
The group worked on behalf of Reuten Associates to place the loan with M&T Bank.
Aaron Niedermayer and Michael Diaz, Managing Directors; Chris Byrns, Associate; and Brendan Collins, Analyst, led the JLL Capital Markets team handling the debt assignment.
“We are excited to have arranged this refinancing with M&T Bank on behalf of Reuten Associates,” said Niedermayer.
“The lending community showed significant interest in this loan due to its prime location in Bergen County, industrial use and generational ownership. We achieved several of our client’s strategic goals with this financing and secured extremely attractive economics.”
Located at Ruckman Road and Reuten Drive, the property features five buildings with 95,528 s/f of industrial space and 61,254 s/f of office space.
The space is positioned to capitalize on the rapidly rising demand for industrial space in New Jersey.
Reuten Associates has owned the property for over three decades and originally developed it in the mid 1980’s.
Reuten Corporate Park is located in the heart of Bergen County, one of the most affluent counties in the United States.
The property is 99 percent occupied with leading tenants, including Nippon Express, the fifth largest logistics provider in the world, and Rayence, the leading distributor of flat panel detectors for x-ray equipment.