A new development by The Hampshire Cos. and Invesco Real Estate calls for bringing 111,660 square feet of high-end industrial space to 12 Porete Ave. in North Arlington. — Courtesy: JLL
By Joshua Burd
A joint venture has closed on a construction loan for a development that will bring more than 110,000 of new logistics space to North Arlington, brokers with JLL announced Monday.
According to the debt placement team, BMO Financial Group is providing the three-year loan of an undisclosed amount to The Hampshire Cos. and Invesco Real Estate. Proceeds will support the 111,660-square-foot project at 12 Porete Ave., where the sponsors are razing an existing 91,000-square-foot warehouse to make way for the new industrial facility.
Plans call for 40-foot clear ceiling heights, 22 dock-high doors, five trailer parking spaces and a 4 percent office finish, JLL said in a news release.
“12 Porete Avenue is an ideal location for a distribution hub given its accessibility to an extensive transportation infrastructure network and proximity to nearly one third of the U.S. population within 24 hours,” JLL’s Michael Klein said. “Hampshire and Invesco Real Estate are building a best-in-class facility and we’re honored to have played a role in the financing.”
The JLL team representing the borrower included Klein, John Rose and Jon Mikula, all senior managing directors, and Associate Ryan Carroll. They noted that the 5.59-acre site is within the coveted Meadowlands submarket, which provides quick access to major thoroughfares such as the New Jersey Turnpike and Interstate 80, along with Port Newark-Elizabeth and Newark Liberty International Airport.