11 Aspen Drive in Randolph — Courtesy: JLL
By Joshua Burd
A joint venture has landed $7 million in permanent financing for nearly 41,000 square feet of newly built warehouse space in Randolph, brokers with JLL announced Thursday.
In a news release, the debt placement team said Aegon Asset Management provided the fixed-rate, 11-year loan in connection with the property at 11 Aspen Drive. The deal comes roughly a year after the borrowers, North Jersey Development Group and Commercial Realty Group, delivered the 40,586-square-foot facility just north of Route 10, having leased it to Red Bull and Dominion Solutions DBA Source4.
JLL Senior Managing Director Gregory Nalbandian and Senior Analyst Benjamin Morgenthal led the debt advisory team, noting that the lender is a correspondent life insurance company.
“The sponsor-developer was seeking to replace their bank construction financing with an attractive long-term fixed rate loan upon stabilizing the asset,” Nalbandian said. “Aegon saw an attractive opportunity to secure a loan on a highly desirable industrial asset and delivered outstanding terms.”
Located within the Aspen Business Park, 11 Aspen Drive is minutes from Interstate 80, Route 46 and other highways and benefits from the region’s skilled labor pools. Features include 36-foot clear ceiling heights, seven rear loading docks, a 110-foot-deep paved truck court, 61 parking spaces and a modern exterior design.
The facility is fully leased, with Red Bull using its space for marketing and distribution and Dominion Solutions DBA Source4 using it for storage and distribution operations.
