735 Dowd Ave. in Elizabeth — Courtesy: JLL
By Joshua Burd
The owner of a 175,000-square-foot cold storage building in Elizabeth has landed $20 million in long-term financing, in a newly announced transaction by JLL.
Brokers with the firm represented the borrower, Elberon Development Group, in sourcing the loan for 735 Dowd Ave. An undisclosed life insurance company is providing the 20-year, fixed-rate financing, which Elberon used to refinance the existing debt on the property.
“JLL is pleased to have worked on Elberon Development’s behalf to secure very attractive long-term debt on the property,” said Michael Klein, a senior managing director with JLL. “Demand for high-quality, state-of-the-art refrigerated warehouse properties continues to increase, and the property’s location with immediate access to the port, airport and highway infrastructure made this a highly sought-after loan for the lender.”
Klein completed the assignment alongside fellow Senior Managing Director Jon Mikula and Analyst Carlos Silva. They noted that the property, completed in 2013, was a build-to-suit cold storage facility for the France-based food distributor Seafrigo.
The building features 40-foot clear heights, 16,000 square feet of two-story office space, 25 tailboards and temperature-controlled rooms ranging from -10 degrees up to 55 degrees, according to a news release. The property is minutes from the New Jersey Turnpike, Route 9 and Newark Liberty International Airport, while it is five miles from Port Newark-Elizabeth.
