JLL Capital Markets announced July 20 that it arranged a refinancing for Fairfield Industrial Campus, a fully leased, two-building industrial facility totaling 90,000 square feet in the northern New Jersey community of Fairfield.
JLL worked on behalf of the borrower, Denholtz Properties, to place the 10-year, fixed-rate loan with Principal Real Estate Investors. Loan proceeds will be used to retire existing debt and repatriate equity to its long-time investors.
Fairfield Industrial Campus is situated on 5.97 acres at 16-18 Passaic Ave. in the Fairfield Industrial submarket. The site benefits from direct access to Route 46 and Interstates 80, 280 and 287. New York City, the Port of Newark-Elizabeth and Newark Liberty International Airport are all less than 25 miles from the campus.
Completed in 1970, the multi-tenant buildings feature 19-foot clear heights, 18 loading positions, LED lighting, 20,700 square feet of office space and 157 parking spaces.
Fairfield Industrial Campus is fully leased to 18 tenants in a variety of industries. Historically, the complex has been well leased with an average occupancy rate of 98% over the past five years.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Analyst Gerard Quinn.
“Last-mile logistics in suburban markets like Fairfield are critical to our economy, and Fairfield Industrial Campus has provided that for decades,” said Mikula.
“The Fairfield market has always been well occupied, given its access to an extensive transportation infrastructure, deep labor pool and proximity to nearby executive bedroom communities of small and mid-sized business that the subject caters to,” Klein added.