JLL Capital Markets announced that it has arranged $9 million in financing for a fully leased, 77,875 s/f industrial facility located at 100 Industrial Rd. in the Northern New Jersey community of Berkeley Heights.
JLL worked exclusively on behalf of the borrower, a joint venture between Camber Real Estate Partners and an institutional investor, to place the five-year, fixed-rate loan with First Bank.
The borrower acquired the property vacant in an off-market transaction earlier this year and is performing extensive renovations to divide the building into two well-appointed units that are both leased on a long-term basis. It is occupied by neon light manufacturer ELG Co. which completed an $8.4 million sale-leaseback with Camber in April.
Situated on 4.58 acres in the Route 78/22 Industrial submarket, Berkeley Heights is an affluent suburban bedroom community of New York City located in Union County. The building is in a small industrial neighborhood that has access to Northern New Jersey’s transportation infrastructure, including Interstates 78 and 287 and U.S. Highway 22.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Greg Nalbandian and Vice President Michael Lachs.
“Camber created significant value pre-leasing the entire building at very attractive rents,” Nalbandian said. “These attributes combined with best-in-class sponsorship made this a very attractive financing opportunity. First Bank did a terrific job closing this loan, and we were honored to represent Camber on another successful project.”
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