3920 Park Ave. in Edison — Courtesy: JLL
By Joshua Burd
The buyer of a light industrial and research facility in Edison has landed more than $7 million in financing for its acquisition, according to a debt placement team with JLL.
Brokers with the firm represented the borrower, New York City-based Northpath Investments, in sourcing the $7.2 million loan for the fully leased, 63,200-square-foot property at 3920 Park Ave. Signature Bank is providing the five-year, fixed-rate financing.
“We are pleased to have arranged acquisition financing for Northpath Investments and kick off a new lending relationship for our client with Signature Bank,” JLL’s Michael Klein said. “Thanks to the diligent efforts of every member of the deal team, we were able to close this transaction in less than 45 days.”
Klein, a senior managing director, led the debt placement team alongside Director Max Custer, who added that “3920 Park Ave. is a well-performing property in a submarket that continuously attracts new investment among real estate owners and users alike.” Built in 1970, the single-tenant facility serves as the corporate headquarters and critical research and development facility for Eos Energy Enterprises Inc., a clean energy storage solutions company.
Eos has been a tenant at the building since 2016 and has made a considerable investment, JLL said, including various system upgrades. The property — which features 20-foot clear heights, three tailboard loading docks and ample parking — is a mile from Interstate 287, less than 3.5 miles from the New Jersey Turnpike and three miles from the Garden State Parkway, which provides access to the major economic centers along the East Coast.