JLL Capital Markets said July 13 that it arranged $7.2 million in financing for the acquisition of a fully leased, single-tenant, 63,200-square-foot light industrial and R&D building located at 3920 Park Ave. in Edison.
JLL worked on behalf of the borrower, New York City-based Northpath Investments, to place the five-year, fixed-rate loan with Signature Bank.
The property is just 1 mile from Interstate 287, less than 3.5 miles from the New Jersey Turnpike and 3 miles from the Garden State Parkway, which provides access to the major economic centers along the East Coast, including New York and Philadelphia.
Constructed in 1970, the building features 20-foot clear heights, three tailboard loading docks, laboratory and office space and ample parking.
The facility is fully leased to, and serves as the corporate headquarters and critical research and development facility for, Eos Energy Services, a clean energy storage solutions company. Eos has been a tenant at the Edison facility since 2016 and made a considerable financial commitment to the building, including various system upgrades.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Michael Klein and Director Max Custer.
“We are pleased to have arranged acquisition financing for Northpath Investments and kick off a new lending relationship for our client with Signature Bank,” Klein said. “Thanks to the diligent efforts of every member of the deal team, we were able to close this transaction in less than 45 days.”