Dealmaker: JLL Arranges $375 Million for Retail, Industrial, Multifamily

(Bergen Town Center, Paramus, N.J.)

The JLL Capital Markets Group arranged nearly $375 million in financing for a retail center in New Jersey; and industrial portfolio in Georgia; and a multifamily property in Texas.

JLL arranged $290 million in refinancing for Bergen Town Center, a one-million-square-foot shopping center anchored by Whole Foods and Target and located in Paramus, N.J. JLL exclusively represented the borrower, Urban Edge Properties, to secure the loan through New York Life Insurance Company and MetLife Investment Management.

Built in 1957, Bergen Town Center is currently 97-percent-leased by more than 70 unique retail tenants. Investment grade tenancy accounts for 44% of the retail GLA. In addition to its Whole Foods and Target anchors, notable tenants include ULTA, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS, Ruth’s Chris and more. The center provides a weighted average remaining lease term of 6.8 years and a weighted average lease tenure of 9.6 years. The property includes 4,500 parking spaces and welcomes over 11 million annual customers.

JLL said Bergen Town Center is set within one of the country’s most productive retail submarkets with annual retail sales higher than any other zip code in the United States. The center benefits from frontage along Route 4, which is Paramus’s most heavily trafficked retail corridor and boasts average daily traffic counts of more than 150,000 vehicles per day. Other major transit nodes include Highway 17, Interstate-80 and the Garden State Parkway. Located just nine miles west of New York City, the property offers access from Manhattan in under an hour via mass transit. Additionally, 11.3 million consumers are within a 20-mile radius of the property, and the average Bergen County household income is $167,050.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Scott Aiese, Claudia Steeb, and Jon Mikula and Director Alex Staikos.

In Georgia, JLL Capital Markets closed $50 million for sale of the I-20 West portfolio, an infill industrial portfolio consisting of five properties totaling 581,750 square feet and a drop lot utilized for trailer storage in Atlanta.

JLL represented the seller, Everwest Real Estate Investors, LLC. and procured the buyer, Taurus Investment Holdings, LLC.

The properties are located in the I-20 West corridor at 1520 and 1650 Westfork, 6070 Fulton Ind. Blvd. and 6140 and 6200 Purdue in Southwest Atlanta. In addition, the sale included trailer storage at 6100 Purdue, which spans 4.62 acres with 87 spaces. Key features of the properties include clear heights ranging from 18 to 24 feet, with rear-load, cross-dock and front-load capabilities, 138 dock-high doors and11 drive-in doors. The properties are 100% occupied and are situated on 25.64 acres. All the properties are located close to Interstate 20 providing east/west access and Interstate 285 providing access to the entire Atlanta Metro area.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Matt Wirth, Dennis Mitchell and Britton Burdette.

In Texas, JLL Capital Markets $32.125 million in construction financing to develop The Virginia, a 198-unit market-rate multi-housing project located in Seguin.

JLL represented the borrower, Periscope Capital Investment and Verdot Capital, to secure the 15-year, floating-rate loan through a regional bank.

With an anticipated completion in 2024, the three-story project will offer one-, two- and three-bedroom units, averaging 892 square feet. Community amenities will include a fitness center, sauna, yoga room and swimming pool, as well as a a recreational patio, a business center, barbeque areas and dog parks. A second phase of this project will be delivered in 2025, which will bring the total market-rate units to 424.

Located at 3501 N. Austin St., The Virginia is located 30 minutes east of San Antonio and an hour south of Austin. The site also features direct access to Interstate 10, which is a direct transportation artery into downtown San Antonio. Seguin serves as the retail hub for three major counties, Guadalupe, Gonzales and Wilson, and the site provides convenient access to downtown Seguin, which houses the bulk of the retail options. Nearby attractions include ZDT’s Amusement Park, The Seguin-Guadalupe Heritage Museum, Walnut Springs Park and Max Starcke Park and Golf Course.

The JLL Capital Markets Debt Advisory team was led by Director Alanna Ellis, Managing Director Jeff Lepley and Associate Alex Sheaffer.