MORRISTOWN, NJ, Oct. 7, 2022 – JLL Capital Markets announced today that it has secured the $47 million acquisition financing of a 330,000-square-foot warehouse/distribution facility in Passaic, Passaic County, New Jersey.
JLL worked on behalf of the borrower, Thor Equities Group, to secure the three-year, floating-rate loan through Tremont Realty Capital.
153 Linden St. is segmented into a 115,000-square-foot section with 27-foot clear heights, a 163,000 square foot section with 16-foot clear heights and 52,000 square feet of outparcel buildings. The property is currently home to Waitex Group International, a third-party logistics tenant, who uses the site as a distribution/warehouse facility. The facility boasts 17 dock-high doors with two internal docks, two drive-in doors and 36 trailer parking spots.
The facility is located in the Route 3/ GSP industrial submarket, which is a desirable market for distribution and warehouse users, as well as last-mile distribution users due to its proximity to major Northern New Jersey thoroughfares and New York City. The property has exceptional access to key highways including I-80, Route 46, Route 19, Route 3, Route 21, the Garden State Parkway and the New Jersey Turnpike. Newark Liberty International Airport and The Port of New York and New Jersey are also near the warehouse.
The JLL Capital Markets Debt Placement team representing the borrower was led by David Sitt, Peter Rotchford, Matthew Pizzolato and Ryan Carroll.
“Even with the recent volatility in the capital markets, we continue to see strong interest from the lending community for well-located, institutional quality industrial assets,” said Pizzolato. “Tremont Realty Capital provided attractive terms that will allow Thor to execute their business plan.”
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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