By Joshua Burd
A developer has secured a $33.5 million permanent loan for some 264,000 square feet of industrial space in North Brunswick, in a deal arranged by Arrow Real Estate Advisors.
The real estate finance firm, which sourced the financing with Obra Real Estate, said the facility at 2400 Route 1 benefits from its high visibility and strong connectivity to Route 18, the New Jersey Turnpike and other major highways. That appeals to a wide range of logistics and distribution operations, Arrow said, noting that the sponsor has owned the 21.66-acre property since June 2004.
The firm added that the asset initially consisted of a 108,400-square-foot warehouse with 24-foot clear ceiling heights, six drive-in doors and some 9,700 square feet of office space. In 2006, the sponsor began construction on a 100,000-square-foot expansion to make it more appealing to a potential third-party logistics tenant.
“Obra spent the time to understand the story of the asset and ultimately structured a solution that met the needs of the sponsor,” said Morris Betesh, founder and managing partner of Arrow Real Estate Advisors, who brokered the transaction alongside Associate Louis Halperin.
