JLL Lines Up Acquisition Debt on Paterson Warehouse with Outdoor Storage
JLL Capital Markets recently arranged acquisition financing for a fully leased, 66,000-square-foot light industrial building with nearly an acre of outdoor storage space in the Northern New Jersey community of Paterson.
The team of senior managing director Michael Klein, director Alex Staikos and VP Michael Lachs worked on behalf of the borrower, Timberline Real Estate Ventures, to place the fixed-rate, non-recourse loan with Blue Foundry Bank.
The property consists of a 66,000-square-foot warehouse building at 845 E. 25th St. that is fully leased to Kamco Supply. A key component of the asset is the nearly one acre of paved and secure outdoor storage area, a rare amenity in the Northern New Jersey market.
“[Industrial outdoor storage] properties are in high demand by tenants and investors alike and are critical to New Jersey’s industrial distribution network,” said Klein. “This rapidly developing subset of the market is still untapped by many lenders.”
- ◦Sale/Acquisition
- ◦Financing