MORRISTOWN, N.J., Dec. 4, 2024 - JLL Capital Markets announced today it secured financing for a 113,211-square-foot, two building industrial portfolio located at 375 & 425 Raritan Center Parkway in Edison, New Jersey.
JLL worked on behalf of Summit Associates Inc. to secure the 11-year, fixed-rate loan through a correspondent lender.
The properties consist of a 53,950-square-foot building at 375 Raritan Center Parkway built in 1982 and a 59,261-square-foot building at 425 Raritan Center Parkway constructed in 1988. The 100% leased buildings feature clear heights ranging from 21 to 25 feet, ample loading docks and convenient access to major transportation routes.
Located in the highly desirable Exit 10 industrial submarket, the portfolio benefits from its strategic location near the New Jersey Turnpike, Interstate 287 and the Garden State Parkway. The properties are approximately 15 miles from both Newark Liberty International Airport and the Port of New York and New Jersey. The properties are also located within Raritan Center, an approximately 12 million-square-foot industrial park that currently is around 98% occupied.
The JLL Capital Markets team was led by Senior Managing Director Michael Klein and Director Max Custer.
"This financing reflects the continued strength and attractiveness of last-mile industrial assets in Central New Jersey," said Klein. "With the Exit 10 submarket's historically low vacancy rates and rising rents, lenders remain eager to provide capital for quality industrial properties in this prime logistics corridor."
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
Summit Associates, Inc. is an Edison, New Jersey based full-service real estate development and management company. As one of the garden state's premier commercial real estate firms, the company has developed and continues to own and manage over 3 million square feet of warehouse/distribution, flex/high-tech, medical and office space situated in choice locations throughout central New Jersey.
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Jones Lang LaSalle Inc. published this content on December 04, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on December 04, 2024 at 19:35:19.117.
