Whippany Business Center at 1 Apollo Drive in Whippany — Courtesy: Progress Capital
By Joshua Burd
The buyer of more than 125,000 square feet of flex warehouse and office space in Hanover has secured $10 million in financing for the deal, according to a team with Progress Capital.
The building, located at 1 Apollo Drive, sits on 12.77 acres in the township’s Whippany section and was 48 percent occupied at the time of the sale. A purchaser listed as Commerce Park Ventures VI LLC completed the transaction as a value-add opportunity, Progress Capital said, noting that the borrower now expects to add new tenants and make improvements to the existing 125,234-square-foot structure known as Whippany Business Center.
Progress Capital Founding Partner Kathy Anderson represented the borrower in securing the loan, which has a 5.875 percent rate that is fixed for five years and 12 months of interest only, according to a news release. The firm added that the deal was structured with a flexible prepay option beginning in year three to allow for equity recapture through either a refinance or sale.
Located three miles from downtown Morristown, Whippany Business Center has clear ceiling heights ranging from 14 to 24 feet, Progress said, providing ample vertical space for various operations. It also has eight dock-high loading doors and 491 parking spaces, while users have quick access to Interstate 287 and routes 10 and 24.
