LA investor bags $49M loan for 18-building Meadowlands industrial acquisition

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JLL Capital Markets announced that it has arranged $48.8 million in financing for Cohen Asset Management’s acquisition of an 18-building industrial portfolio totaling approximately 725,000 s/f across the Meadowlands and surrounding markets in New Jersey.

JLL worked on behalf of Cohen Asset Management (CAM) to place the seven-year, fixed-rate loan with Principal Real Estate Investors.

The portfolio is located in some of the most densely populated areas of Northern New Jersey in highly demanded infill locations in the Meadowlands and surrounding markets. The properties offer exceptional access to New York City via the Lincoln and Holland Tunnels and the George Washington Bridge.   Additionally, the properties are easily accessible from key Northern New Jersey highways, including the New Jersey Turnpike and Interstate 80.

The portfolio is primarily comprised of single-tenanted and multi-tenanted shallow bay industrial warehouses ranging between 16,000 and 78,000 square feet in size. Fully leased at acquisition, the portfolio is home to a diverse mix of tenants ranging from multi-national corporations to regional and local companies. 

Jason Haas, co-chief Investment officer at Cohen stated, “The portfolio presents a rare opportunity to acquire a large footprint of quality industrial assets with strong functional and locational attributes in one of the most sought-after submarkets in the nation.” Mr. Haas went on to say, “Our mission is to create long‐term value as well as near term income returns for our investors, and this property will be a prominent addition to our portfolio as we continue to pursue other strategic investment opportunities in the New Jersey marketplace”.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jon Mikula and Vice President Michael Lachs.

JON MIKULA

“This was an exciting acquisition to be part of, especially during COVID,” Mikula said. “Industrial continues to be in high demand by lenders and investors alike.”

Based in Los Angeles with a regional office in New Jersey, CAM has acquired over 40 buildings in the New Jersey/New York marketplace in the current investment cycle totaling over 6 million square feet, with a current footprint of 33 buildings exceeding 3 million square feet.

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