Hampshire Companies, Invesco Acquire Fully Leased Teterboro Warehouse
JLL Capital Markets arranged $39 million in acquisition financing for 333 North St., a warehouse and distribution facility totaling 221,448 square feet in Teterboro, NJ. JLL worked on behalf of the borrower, a joint venture between The Hampshire Companies and Invesco Real Estate, in securing the fixed-rate loan with Nationwide.
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. The property is fully leased to Fashion Logistics, a leading third-party logistics provider specializing in warehouse management, distribution and supply chain management services for the lifestyle and fashion industries.
“Despite the current inefficiencies in the capital markets, well located industrial properties are highly sought after by both banks and life insurance companies,” said Klein. “Nationwide’s prior experience with the sponsors and understanding of the Meadowlands industrial market allowed them to seamlessly close this loan in an accelerated timeframe with an attractive rate and prepayment flexibility.”