West Ridge Corporate Campus at 1 Industrial Way West in Eatontown — Courtesy: JLL
By Joshua Burd
Bollerman Cos. has refinanced a nearly 115,000-square-foot office and industrial flex portfolio in Eatontown for an undisclosed amount, brokers with JLL announced Wednesday.
The lender, an insurance company, provided the seven-year loan in connection with the five-building West Ridge Corporate Campus at 1 Industrial Way West, according to a news release. JLL sourced the funds on the borrower’s behalf, citing the stability of the fully leased, 114,622-square-foot complex and its proximity to major highways.
With a footprint of 11.14 acres, the portfolio includes a trio of two-story, 12,000-square-foot office buildings and two single-story flex industrial buildings of 36,160 and 42,462 square feet. JLL added that the campus has structures with clear heights up to 18 feet, 14 dock-high doors, three drive-in doors and 496 parking spaces.
“West Ridge Corporate Campus exemplifies the strong performance we’re seeing in the Monmouth industrial/flex submarket, where vacancy rates have decreased to 3.5 percent and rents have increased by over 45 percent since 2020,” JLL Senior Managing Director Michael Klein said. “The property’s diverse tenant roster and tenure at the property demonstrate both the quality and functionality of the asset and the strategic location that continues to attract those seeking access to major population centers along the East Coast.”
Klein led the JLL team on the deal alongside Director Ryan Carroll and Analyst Tyler Caricato, noting that the property is leased to 32 diverse tenants from industries such as engineering, flooring, health care and manufacturing. Those users are minutes from key arteries including the Garden State Parkway and routes 35, 36 and 18, providing connections to Newark Liberty International Airport and the Port of New York and New Jersey.
