JLL Capital Markets arranged a $16.1 million refinancing for a four-property industrial portfolio in Edison.
The firm announced three separate, 12-year, fixed-rate, non-recourse loans secured with two different life company lenders for Summit Associates Inc. on Jan. 13.
The portfolio totals 389,501 square feet at the Raritan Center Business Park and includes the 155,000-square-foot New Jersey Convention Center.
Raritan Center is located within the Exit 10 Industrial submarket, one of the tightest industrial markets in the state, with space sought by investors and tenants. According to JLL Research, vacancy rates were 0.8% at the end of the third quarter of 2021; the state’s average industrial market vacancy rate is 1.7%.
According to JLL, the single-story, multi-tenant buildings at 135 Raritan Center Parkway, 115 Newfield Ave., and 87 and 97 Sunfield Ave., are 93% leased to tenants representing a mix of industries.
The properties offer direct access to roadways including the New Jersey Turnpike, the Garden State Parkway, Interstate 287 and U.S. Route 1.
“Raritan Center Business Park continues to demonstrate outstanding fundamentals within the industrial property sector,” said Senior Director Michael Klein, who led the JLL Capital Markets Debt Placement team representing the borrower along with Director Max Custer and Associate Ryan Carroll.
“As a result, we were able to compile substantial interest amongst the lending community which allowed SAI to capitalize on the historically low interest-rate environment,” he continued.