By Joshua Burd
Thor Equities Group has secured predevelopment and construction financing for a plan to build a nearly 151,000-square-foot industrial building in Bogota, according to brokers with JLL.
In a news release, the debt placement team said Centennial Bank is providing the floating-rate loan in support of the recently announced project, which would bring new warehouse and distribution space to a location just off Interstate 80. The speculative, 150,917-square-foot project would repurpose nearly 11 acres at 14-22 River Road, offering 40-foot clear ceiling heights, 28 dock doors, three drive-in doors and parking for 15 trailers and 225 cars.
JLL Senior Director David Sitt, Managing Director Peter Rotchford, Senior Director Matthew Pizzolato and Vice President Michael Lachs led the debt placement team on Thor’s behalf. The firm did not disclose the loan amount or additional terms of the deal.
“We continue to see tremendous interest form the lending community for well-located, institutional-quality industrial projects,” Pizzolato said. “Centennial Bank recognized this and stepped up to offer attractive terms and a structure that will allow our client to execute their business plan.”
New York-based Thor Equities announced in late March that it purchased the Bogota site, as it looks to expand its industrial platform in the region. The parcel provides access to New York City, Port Newark-Elizabeth, the New Jersey Turnpike and other key areas within the highly competitive northern New Jersey region.
“Thor’s latest acquisition reflects our ability to identify strategically located assets in supply constrained markets,” said Joseph Sitt, chairman of Thor Equities. “Our new development will allow users efficient access to the most populous region in the United States, and we expect strong leasing activity as the demand for e-commerce continues to accelerate.”
