700 Bartley Chester Road in Flanders — Courtesy: JLL
By Joshua Burd
Commercial Realty Group has closed on $9 million in permanent financing for a nearly 161,000-square-foot warehouse in the Flanders section of Mount Olive, in a deal arranged by JLL.
According to the debt placement team, TruStage provided the 10-year, fixed-rate loan in connection with the property at 700 Bartley Chester Road. The brokers noted that the deal follows a recent full-building lease renewal by Uncommon Logistics, a technology-driven logistics and transport management company that has been a tenant since 2002, adding that it benefits from its status as a Foreign Trade Zone.
JLL Senior Managing Director Gregory Nalbandian and Senior Analyst Benjamin Morgenthal led the debt advisory team and sourced the loan with the correspondent life insurance company.
“We are thrilled to have secured 10-year, non-recourse, permanent financing at a very attractive interest rate for our client’s strategic long-term asset,” Nalbandian said. “The property’s exceptional features, strategic location and designation as a Foreign Trade Zone made it an attractive investment opportunity with TruStage stepping up and delivering an exceptional loan meeting all of the client’s objectives.”
Built in 1982, the 160,999-square-foot warehouse has ceiling heights ranging from 19.1 feet to 21.9 feet, column spacing of 50 feet by 50 feet, 112 surface parking spaces, 30 trailer parking spaces, 11 tailboard loading docks and three drive-in doors, according to a news release. Also notable is the site’s proximity to the International Trade Center, which is 5.7 miles away in Mount Olive, and to highways such as interstates 80, 78 and 287.
