JLL Capital Markets on May 4 said it arranged acquisition financing for a 60,400-square-foot, single-tenant, triple-net-leased light industrial building in a last-mile location in Carlstadt.
JLL worked on behalf of the borrower, Legacy Capital, to place the acquisition loan with Sound Point Commercial Real Estate Finance.
Located at 2 Palmer Terrace and situated on 2.97 acres, the asset is only 5 miles from New York City and less than 1 mile from the New Jersey Turnpike (Interstate 95), allowing the tenant to easily reach 20 million people within a 20-mile radius of the property.
The property is proximate to Newark International Airport, a major cargo hub, and Port Elizabeth-Newark, the principal ship facility for the New York metropolitan area. Furthermore, 2 Palmer Terrace is in the heart of the infill Meadowlands Industrial submarket, boasting the highest industrial rents in the New Jersey Industrial market.
Originally constructed in 1977 and renovated in 2014, the column-free building features clear heights ranging from 17 to 39 feet and four oversized drive-in bay doors. 2 Palmer Terrace is triple-net leased to Sofive Soccer Centers, which uses the facility as one of its five locations in the Northeast that offers offering training, matches, leagues and tournament for athletes of all ages.
The JLL Capital Markets team representing the borrower was led by Directors Matthew Pizzolato and Thomas Didio Jr.