KRE Group and TCH Docks Corner Lane LLC, announced that the partnership has closed on $35 million in construction financing to build a new warehouse at 251 Docks Corner Road in Monroe Township, New Jersey.
Situated on just over 28 acres, the industrial building will offer 382,400 s/f of rentable square footage, including 34,000 square feet of office space.
The loan, provided by Provident Bank, is a construction/permanent loan. Axiom Capital served as the broker for the transaction.
KRE Group and TCH Docks Corner Lane acquired the 28.64-acre site in December of 2018. The building is 100% pre-leased.
“KRE is continuously looking for standout properties in prime locations throughout New Jersey that will bring new firms and talent to their respective cities,” said Jeremy Kaplan, Chief Operating Officer of KRE Group.
“The acquisition of 251 Docks Corner Road, along with this recent financing, will allow us to build a state-of-the-art warehouse facility in the Township of Monroe, one of South Jersey’s most desirable commercial destinations.”
Situated in central New Jersey, the Township of Monroe offers access to the NJ Turnpike, New York City and the Northeast distribution corridor.
