1 Electronics Drive in Hamilton — Courtesy: JLL
By Joshua Burd
Saxum Real Estate has acquired and secured both equity and financing for a 16-acre flex industrial property in Hamilton, following a series of transactions arranged by JLL.
According to a news release, brokers with multiple service lines were involved in the recent trade and capitalization of 1 Electronics Drive, which has an existing 80,000-square-foot building. That included representing the seller, BTR Capital Group, in the deal with Saxum, as well as sourcing joint venture equity for the new owner with Meadow Partners and acquisition financing from Prime Finance.
“JLL is committed to putting the full power of the platform to use for our clients,” the firm’s Marc Duval said. “This was a joint effort across four teams in two different offices who have embraced the change and growth within our industry.”
In announcing the deal, JLL noted that Managing Director Tom Romano initiated the relationship as the leasing agent for BTR Capital Group. Senior managing directors Jeremy Neuer, Duval and Jose Cruz, Managing Director Jordan Avanzato, directors Jason Lundy and Nick Stefans and Associate Conor Walsh then stepped in to market the property for sale, while Duval and Lundy also arranged the joint venture equity on Saxum’s behalf.
Meantime, JLL Senior Managing Director Michael Klein and Managing Director Tom Didio Jr. secured the debt with Prime Finance.
“Saxum and Meadow Partners’ reputation and business plan for the asset drew significant interest from lenders,” Klein said. “We are happy to have secured acquisition financing that best met the sponsorship’s needs.”
The existing 80,000-square-foot building is 72 percent leased and sits alongside 530 surface parking spaces. Separately, Saxum noted that the site has excess land with the option for future development, noting that it would look to reposition and market the available space.
“As developable land becomes increasingly scarce in the highly sought-after central New Jersey industrial market, 1 Electronics Drive is perfectly positioned to cater to the growing demand for prime locations with strong leasing fundamentals,” Lundy said. “Additionally, we’re looking forward to seeing the new venture execute their business plan and capitalize on the region’s high demand for multi-tenanted, shallow-bay industrial space.”
