1501-1525 West Blancke St. in Linden — Courtesy: HFF
By Joshua Burd
HFF has arranged $7 million in acquisition financing for a real estate investment firm to acquire a fully leased 115,913-square-foot industrial building in Linden, the brokerage said Thursday.
The firm worked on behalf of the borrower, Penwood Real Estate Investment Management LLC, in its purchase of 1501-1525 West Blancke St. The five-year, fixed-rate loan was arranged with First Bank New Jersey.
Loan proceeds will be used to purchase the building and fund immediate and future capital expenditures, tenant improvements and leasing commissions, HFF said in a news release. The single-story building is leased to two tenants, Vantage Specialty Chemicals and HelloFresh.
The HFF debt placement team representing the borrower was led by Managing Director Michael Klein.
“First Bank quickly understood the value-add potential that the building provided and, based on Penwood’s historical track record with similar assets and the strength of the northern New Jersey industrial market, was confident that the borrower would be able to execute its business plan,” Klein said in a prepared statement.
The facility features 18- to 22-foot ceiling heights, 16 dock bays and two drive-in bays, HFF said. It is serviced by a major highway network, including Route 1&9, the Garden State Parkway and the New Jersey Turnpike.