6 Paragon Way in Freehold — Courtesy: JLL
By Joshua Burd
The Donato Group has refinanced a nearly 72,000-square-foot industrial building along Route 33 in Freehold, securing a five-year loan from TriState Capital Bank.
According to JLL, which sourced the debt, the property at 6 Paragon Way is fully leased to nine tenants from industries such as janitorial services, health care and recreational activities. Those users benefit from the building’s access to Route 33 and other highways, including Interstate 195 and the Garden State Parkway, along with features such as 30-foot clear ceiling heights, seven dock-high doors and parking for 188 cars and 22 trailers.
JLL Senior Managing Director Michael Klein, Senior Director Max Custer and Vice President Ryan Carroll represented the borrower. Additional terms were not disclosed.
“The Western Monmouth industrial submarket continues to demonstrate exceptional fundamentals, with historically low vacancy rates and strong rent growth,” Klein said. “6 Paragon Way, with its strategic location and diverse tenant mix, exemplifies the strength of this market. Coupled with The Donato Group’s deep local expertise and track record, this asset presents an attractive opportunity for lenders in New Jersey’s thriving industrial sector.”
In a news release, JLL also touted the 71,511-square-foot facility’s access to New York City and Philadelphia, which are 48 and 70 miles away, respectively. That provides tenants with access to a population of more than 20 million within a 60-mile radius.
