140 Ethel Road West in Piscataway — Courtesy: JLL
By Joshua Burd
Denholtz Properties has recapitalized a 16-building industrial portfolio spanning both central New Jersey and Orlando, Florida, under a newly announced transaction by JLL.
In a news release, the brokerage firm said it represented Denholtz in securing the joint venture equity partnership with an institutional investor. The capital infusion will support four properties totaling 685,781 square feet, including 140 and 141-147 Ethel Road West in Piscataway and the two Central Florida properties, the Silver Star Commerce Center at 3600-3820 Silver Star Road and Cypress Park at 9500-9901 Satellite Blvd.
JLL Senior Director Marc Duval, senior managing directors Jon Mikula and Michael Klein and Director Jordan Avanzato led the equity placement team. They noted that the properties, built between 1971 and 1997, are all easily accessible from regional highways and provide access to millions of customers within a day’s drive.
“The capital for industrial product is highly liquid today for a variety of reasons, and more competition among investors has led to more aggressive deal structures,” Duval said. “This transaction allowed a sophisticated industrial operator to maintain control over all aspects of operations and management while participating in the upside with a trusted equity partner.”
As part of the recapitalization, JLL also secured financing with Societe Generale. The JLL team in the transaction included Senior Managing Director Michael Gigliotti, Mikula and Michael Klein, along with Director Maxx Carney.