Fully Leased NJ Industrial Asset Lands $20M Financing
- Oct 22, 2018
CBRE’s Debt & Structured Finance team has represented Adler Development in the financing of a 305,598-square-foot industrial building in South Brunswick, N.J. Principal Real Estate Investors originated the $19.5 million, 20-year term loan.
Upon completion, last-mile delivery company Lasership will occupy the entire building located at 2270 Route 130. Amenities include:
- 40-foot clearance
- 56-foot wide column spacing
- 46 dock doors
- 68 trailer parking spaces
- two drive-in loading doors
- ESFR Sprinkler system with K28 Heads
- 259 parking spots
The asset is in the vicinity of major thoroughfares including Route 1, New Jersey Turnpike and Franklin Street, in a market with a 1.5 percent industrial vacancy rate, according to CBRE. The property is also equidistant from New York City and Philadelphia.
CBRE Executive Vice President James Gunning, Vice President Donna Falzarano and Production Analyst Kyle Saviano brokered the loan. Last year, the company arranged the sale of a Fairless Hills, Penn., industrial portfolio.
Image courtesy of Adler Development