103 Central Ave. in Mount Laurel — Courtesy: HFF
By Joshua Burd
HFF has arranged new financing for an investor’s purchase of a 112,000-square-foot industrial building in Mount Laurel.
Brokers with the firm represented the borrower, Burton Real Estate, to place a two-year, floating-rate loan with a one-year extension for the property at 103 Central Ave. While the terms of the loan were not disclosed, HFF said it will enable the borrower to close on its acquisition and lease up the 74 percent occupied building.
HFF Managing Director Michael Klein led the debt placement team.
The financing follows another recent HFF transaction on behalf of Burton Real Estate. The brokerage team last month said it secured $9.1 million for the client’s purchase of 405 Heron Drive, a 254,250-square-foot, Class B industrial building in Swedesboro.
“HFF is pleased to have had the opportunity to once again secure acquisition financing on behalf of Burton Real Estate as it continues to grow its portfolio of industrial properties,” Klein said.
Sitting on 5.57 acres, 103 Central is less than one mile from the New Jersey Turnpike and Interstate 295, HFF said. The property’s location allows tenants access to 19 major U.S. markets and nearly 40 percent of the U.S. population within 24 hours, while it’s also positioned within 200 miles of Port Newark-Elizabeth, the Port of Philadelphia and the Port of Baltimore.
The one-story property has 18-foot clear heights and a combination of exterior and interior loading docks.
HFF brokers $9.1 million loan for Swedesboro industrial owner
