350 Clark Drive in Mount Olive — Courtesy: HFF
By Joshua Burd
The owner of a three-building, 443,030-square-foot warehouse complex in Mount Olive has refinanced the property for $28.5 million, brokers with HFF said Thursday.
In a news release, the firm said it worked on behalf of Commercial Realty Group to secure the financing for 350 Clark Drive. John Hancock Real Estate Finance Group provided the 10-year, fixed-rate loan, which HFF will now service.
The HFF debt team representing CRG included Senior Managing Director Greg Nalbandian and Analyst Tim Mason.
The complex at 350 Clark Drive was originally built to house the headquarters of Calvin Klein Cosmetics and is now 97.1 percent leased to office and industrial tenants, the news release said. Divided into three contiguous components, the property features 24- to 30-foot clear heights, 26 loading docks, two drive-in doors and 42-by-34-foot column spacing.
Other features include 20,000 square feet of freezer space and a 22.9 percent office finish, HFF said. The property sits on 20.2 acres along Interstate 80 within the International Trade Center, a master-planned industrial park in one of the state’s five designated Foreign Trade Zones.
“The HFF investment advisory team sold this asset to CRG less than three years ago,” Nalbandian said. “In this short period of time, CRG increased the NOI by more than $1 million through aggressive lease-up of vacant space, renewing tenants at market rents and reduction of operating costs.
“CRG also completed a building upgrade package and remedied deferred maintenance. The substantial value creation allowed CRG to execute its value-added neighborhood model for a full cash out of the sponsor’s equity, which they intend to redeploy into other value-add opportunities.”
