1800 Route 34 in Wall Township — Courtesy: JLL
By Joshua Burd
The Donato Group has obtained nearly $23 million in financing for some 190,000 square feet of light industrial space in Wall Township, brokers with JLL announced Tuesday.
The debt placement team said Grant Street Funding provided the 10-year, fixed-rate loan in connection with the four-building portfolio at 1800 Route 34. The properties, which were built between 2001 and 2006, drew interest thanks in part to their location and a diverse tenant roster that includes industries such as engineering, construction, health care and manufacturing.
“1800 Route 34 presented a tremendous opportunity to lend to a best-in-class sponsor on a fully leased light industrial property in one of the strongest industrial locations in Monmouth County,” said JLL Senior Managing Director Michael Klein, who sourced the $22.8 million loan alongside Senior Director Max Custer, Director Ryan Carroll and Analyst Christian Badalamenti.
Murphy Schiller & Wilkes LLP Partner Charles J. Wilkes and counsel Holly Burke acted as lead attorneys on the transaction on behalf of The Donato Group.
In a news release, JLL noted that the buildings occupy a combined 11.06 acres and have 16-foot clear ceiling heights, five dock-high doors, two drive-in doors and 1,140 parking spaces. The 189,836-square-foot portfolio benefits from a location between New York City and Philadelphia, providing tenants with access to the East Coast’s largest population centers, plus strong connectivity to thoroughfares such as the Garden State Parkway, Interstate 195 and routes 34, 18 and 33.
“The property’s diverse tenant mix, strategic location and The Donato Group’s long-term ownership have positioned it well to benefit from the robust demand we are seeing in this submarket,” Custer said.
