A new single-tenant warehouse and distribution site in Mercer County secured refinancing.
JLL announced Aug. 15 it worked on behalf of the borrower, Princeton-based developer Herring Properties, to place a $14.5 million, 11-year, fixed-rate, non-recourse loan with Nationwide Life Insurance Co. for the property located at 400 Corporate Drive in Ewing.
Delivered in the first quarter of this year, the facility sits on a 22.6-acre site within the Trenton/295 Industrial submarket with access to Interstate 295, U.S. Route 1 and the New Jersey Turnpike. The Trenton Mercer Airport is also in proximity. The building is fully occupied by Binsky & Snyder, which provides mechanical construction services.
• 40-foot clear heights • 18 dock-high doors • two drive-in doors • 32 trailer parking stalls • ample vehicle parking
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Director Max Custer, both of whom have secured financing that was announced in the past week in Burlington County and Jersey City, respectively.
“We are thrilled to have assisted Herring Properties in arranging financing for 400 Airport Corporate Drive,” Custer said in a statement. “We were able to lock in an extremely favorable long-term, fixed-interest-rate prior to the property receiving its final CO and before the recent run-up in the treasury market.”
The growing submarket offers a location within reach of one-third of the U.S. population in 24 hours.
In the second quarter of this year, the Exit 7A submarket saw the third-most square feet under construction (nearly 3.5 million) while also maintaining some of the lowest rents in North and Central Jersey, according to NAI James E. Hanson’s wrap-up for the quarter."