Cohen Asset Management recently acquired an 18-building, 724,000-square-foot industrial portfolio in northern New Jersey — Courtesy: JLL
By Joshua Burd
The buyer of an 18-building, 724,000-square-foot industrial portfolio in northern New Jersey has secured nearly $49 million in acquisition financing, in a transaction arranged by JLL.
Brokers with the firm represented the borrower, Cohen Asset Management, in a deal that is tied to properties in the Meadowlands and surrounding submarkets. Principal Real Estate Investors provided the seven-year, fixed-rate loan to the Los Angeles-based investor.
“This was an exciting acquisition to be part of, especially during COVID,” said Jon Mikula, a senior managing director with JLL’s New Jersey capital markets team. “Industrial continues to be in high demand by lenders and investors alike.”
Mikula sourced the $48.8 million loan alongside Michael Lachs, a vice president with the firm. They noted that the portfolio includes mostly single-tenant and multitenant, shallow bay industrial warehouses ranging from 16,000 to 78,000 square feet, all with easy access to New York City.
In a separate news release last month, Cohen said the acquisition spans the Meadowlands and surrounding locales such as North Bergen, Englewood, Palisades Park, Ridgefield and Fairview. It also includes three additional development parcels in the region.
JLL touted the portfolio’s proximity to the Lincoln and Holland tunnels and the George Washington Bridge, along with the New Jersey Turnpike and Interstate 80. Fully leased at acquisition, the portfolio is home to a diverse mix of tenants ranging from multinational corporations to regional and local companies.
Cohen also said it has acquired more than 40 buildings with some 6 million square feet in the New Jersey and New York market during the current investment cycle.
“The portfolio presents a rare opportunity to acquire a large footprint of quality industrial assets with strong functional and locational attributes in one of the most sought-after submarkets in the nation,” said Jason Haas, co-chief investment officer with Cohen. “Our mission is to create long‐term value as well as near term income returns for our investors, and this property will be a prominent addition to our portfolio as we continue to pursue other strategic investment opportunities in the New Jersey marketplace.”
