Industrial
JLL: Nuveen closes $115 million refi for New Jersey, New York self-storage portfolio
Nuveen Real Estate has provided a $115 million loan to refinance a portfolio of nine self-storage facilities across the tristate region, brokers with JLL announced Friday.
JLL: BLP inks $10.3 million construction loan for 76,000 sq. ft. Somerset warehouse project
Bridge Logistics Properties has obtained $10.3 million in construction financing for more than 76,000 square feet of new speculative warehouse space in the Somerset section of Franklin.
Velocity taps Redican as CFO, Mortimer as senior vice president for asset management
Velocity Venture Partners has appointed William Redican as chief financial officer and Michael Mortimer as senior vice president for asset management, the company announced.
Owners Council Q&A: Lance Bergstein
The macro environment had an exponential effect on the commercial real estate market. The impact of increased inflation and borrowing rates magnified some of the underlying fundamentals in the New Jersey market. With that said, the industrial market in the state remained strong in comparison to the rest of the country. The scarcity of developable land in prime locations for logistics prevented rental rate cuts from becoming prevalent in the overall market. There is strong tenant demand, however, corporate spending approvals have been the barrier. As spending approvals become more attainable, there will not be enough chairs (buildings) left for tenants when the music stops. I continue to believe that New Jersey is underserved from an industrial and housing perspective and am very bullish on the activity our market will see in the next 18 months.
Summit Associates secures financing for 113,000 sq. ft. industrial portfolio in Edison, JLL says
Summit Associates Inc. has closed on financing for more than 113,000 square feet of industrial space in Edison’s Raritan Center, in a newly announced deal by JLL.
