130 Interstate Blvd. in Monroe — Courtesy: JLL
By Joshua Burd
WPT Capital Advisors has secured acquisition financing for more than 603,000 square feet of industrial space in Monroe Township, brokers with JLL announced last week.
According to the debt placement team, PGIM Real Estate provided the floating-rate loan in connection with the fully leased complex at 130 Interstate Blvd. The transaction supports what JLL described as a compelling value-add opportunity at the property, which was built in 1999 and expanded in 2014, with features including 28- to 32-foot clear ceiling heights, 66 loading doors, two drive-in doors, 83 trailer parking spaces and 243 car parking spaces across two buildings totaling 603,092 square feet.
Equally notable is its location within the Exit 8A industrial submarket, the brokers said, citing its quick access to Interstate 95. That allows tenants to efficiently serve both the New York City and Philadelphia regions and benefit from reduced distribution costs, while Newark Liberty International Airport and Port Newark-Elizabeth are just 30 and 24 miles away, respectively.
JLL Senior Managing Director Jim Cadranell, Director Ryan Carroll and Analyst Caleb Henry led the team representing WPT, a Minneapolis-based real estate development and investment management firm focused on the U.S. industrial warehouse and distribution sector. Additional terms were not disclosed.
“130 Interstate Boulevard represented a tremendous opportunity to lend to a best-in-class sponsor on a Class A property in one of New Jersey’s premier industrial locations,” Cadranell said. “When you combine below-market rents with exceptional Exit 8A fundamentals and WPT’s proven track record, it’s the kind of value-add opportunity that creates a very competitive lending environment.”
