JLL Capital Markets said Jan. 11 it arranged $15.3 million in acquisition financing for Kuser Industrial Center on behalf of the borrower.
The firm placed a seven-and-one-quarter-year, fixed-rate loan with Principal Real Estate Investors for Cohen Asset Management in a joint venture with ASB Real Estate.
Finished in 2020, Kuser Industrial Center is a bulk distribution warehouse building in Hamilton sitting on 16.5 acres at 2555 Kuser Road. Its features include 36-foot clear heights, 18 dock-high doors, LED lighting, 32 trailer parking stalls, and plenty of room for additional auto parking.
It is triple-net leased to Greenfield World Trade Center and Productivity Inc.
Last January, CBRE arranged the sale of Kuser Industrial Center on behalf of Scannell Properties, to Cohen Asset Management Inc. for $29.6 million.
The property sits in the Exit 7A Industrial submarket, one of the tightest industrial areas in the state, according to JLL. In the firm’s third quarter 2021 New Jersey Industrial Insight Report, vacancy rates were at 0.1%–below the state’s average market rate of 1.7% for the sector.
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