Fully Leased NJ Industrial Asset Nabs $15M Financing
- Aug 23, 2017
Cushman & Wakefield’s Equity, Debt & Structured Finance team represented Camber Real Estate Partners and Advance Realty in the financing of 80 Distribution Center, a 245,529-square-foot industrial facility in Paterson, N.J. The $15.3 million loan was funded by First Bank. According to Yardi Matrix, the joint venture acquired the property from Ivy Realty for $23.6 million.
The asset is located at 1200 Madison Ave., right off Interstate 80, providing easy access to and from the New York City metro area. The building was initially developed for Coca-Cola in 1967, and it is fully leased. The largest tenants are M. Tucker and SupplyOne. Amenities include 30-foot ceiling heights, 21 loading positions and 540 parking spaces.
Cushman & Wakefield‘s John Alascio, Sridhar Vankayala and Noble Carpenter III represented the owners in the financing transaction. A team from the firm’s Metropolitan Area Capital Markets Group comprising Ryan Larkin, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and industrial leasing specialist Andrew Siemsen acted on behalf of the sellers and procured the buyers for the property.
In another recent deal, the company facilitated the sale of a New Jersey industrial facility, 340 Stiles St., in Linden.
Image courtesy of Yardi Matrix