Dealmaker: JLL Secures $36M For Industrial, Retail
JLL Capital Markets, Chicago, arranged $36.2 million in acquisition and refinancing for industrial and retail assets in Pennsylvania, New Jersey and Florida.
JLL represented Denholtz Properties, Red Bank, N.J., when it refinanced a six-building industrial portfolio in Pennsylvania’s Lehigh Valley and northern New Jersey for $16.8 million. The team representing the borrower was led by JLL Senior Managing Directors Jon Mikula and Michael Klein, Director Michael Pagniucci and Analyst Carlos Silva.
JLL placed two separate 10-year fixed-rate non-recourse loans with Minnesota Life Insurance Co., St. Paul, Minn.
The portfolio houses 58 tenants and includes two fully leased buildings in the Lehigh Valley, 7036 Snowdrift Road in Upper Macungie and 969 Postal Road in Allentown. The four-building Northampton Business Park at 1545-1575 Route 37 West in Toms River, N.J., totals 94,627 square feet and is 97 percent leased.
The Lehigh Valley is considered one of the top industrial markets in the United States due to the ability to reach the largest population base in the country within a one-day drive. Northampton Business Park is within New Jersey’s Ocean County industrial submarket, with a dense population that increases demand for small-space industrial product.
“Demand for quality industrial product in this region continues at unprecedented levels,” Mikula said. “Lender interest in this transaction was diverse and aggressive.”
JLL also arranged $19.4 million in financing for Glades Twin Plaza, a two-building Class A office complex totaling 97,815 square feet in Boca Raton, Fla.
JLL Senior Managing Director Chris Drew, Managing Director Brian Gaswirth, Director Michael DiCosimo and Associate Reid Carleton represented borrower Sterling Organization, West Palm Beach, Fla., to secure the five-year fixed-rate non-recourse loan.
Glades Twin Plaza occupies 5.3 acres at 2300 Glades Road in the primary office node of the Boca Raton West submarket. The property is part of the larger Glades Plaza mixed-use development, also owned by Sterling Organization, and is adjacent to the Town Center regional mall.
