JLL Capital Markets said May 27 that it arranged a $16.86 million refinancing loan for a multi-tenant industrial portfolio totaling 258,123 square feet across six buildings in the Lehigh Valley and Toms River.
JLL worked on behalf of the borrower, Denholtz Properties, to place two separate 10-year, fixed-rate, non-recourse loans with Minnesota Life Insurance Co.
The portfolio, which is home to 58 tenants, includes two fully leased buildings in the Lehigh Valley consisting of a 98,291-square-foot property at 7036 Snowdrift Road in Upper Macungie and a 65,205-square-foot, single-story property at 969 Postal Road in Allentown.
The four-building Northampton Business Park at 1545-1575 Route 37 W. in Toms River totals 94,627 square feet and is 97% leased. The portfolio features clear heights ranging from 12 to 20 feet, 28 loading docks, 64 drive-in doors and was completed between 1982 and 1985.
The Lehigh Valley is widely recognized as one of the top industrial markets in the United States due to its strong logistical capabilities to reach the largest population base in the country within a one-day’s drive. Northampton Business Park is within New Jersey’s Ocean County Industrial submarket, which benefits from proximity to major highways and a dense population that increases demand for small space industrial product.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein, Director Michael Pagniucci and Analyst Carlos Silva.
“Demand for quality industrial product in this region continues at unprecedented levels,” Mikula said. “Lender interest in this transaction was diverse and aggressive.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.