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333 North St. in Teterboro — Courtesy: JLL
By Joshua Burd
A joint venture has acquired a nearly 222,000-square-foot industrial building in Teterboro with the help of $39 million in financing secured by JLL, the debt placement team said Tuesday.
According to the brokers, Nationwide provided the fixed-rate loan to The Hampshire Cos. and Invesco Real Estate in connection with the property at 333 North St. JLL senior managing directors Michael Klein, John Rose and Jon Mikula and Associate Ryan Carroll sourced the financing on the borrowers’ behalf, noting that the property is fully leased to Fashion Logistics.
“Despite the current inefficiencies in the capital markets, well-located industrial properties are highly sought after by both banks and life insurance companies,” Klein said. “Nationwide’s prior experience with the sponsors and understanding of the Meadowlands industrial market allowed them to seamlessly close this loan in an accelerated timeframe with an attractive rate and prepayment flexibility.”
In a news release, JLL said the 221,448-square-foot structure has 22-foot clear ceiling heights, 15 dock-high doors, 11 drive-in doors and parking for 95 cars and 15 trailers. The 8.38-acre property also provides a prime Bergen County location for Fashion Logistics, a third-party logistics provider specializing in warehouse management, distribution and supply chain management services for the lifestyle and fashion industries.
“Lender pipelines are down as we start the year and therefore are very aggressively pursuing compelling investment opportunities,” Mikula said.
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