600 Ryerson Road and 6 Frassetto Way in Lincoln Park — Courtesy: JLL
By Joshua Burd
The Frassetto Cos. has refinanced more than 143,000 square feet of industrial space in Lincoln Park, in a newly announced transaction by JLL.
According to a news release, an undisclosed lender provided the debt in connection with the fully leased, two-building portfolio just north of Route 202. The properties include 600 Ryerson Road — a 105,242-square-foot multitenant facility with 22-foot clear ceiling heights, 16 exterior dock-high doors and 184 parking spaces — and 6 Frassetto Way, which spans 38,023 square feet with 22-foot clear heights, five dock-high doors, one drive-in door and 66 parking spaces.
JLL Senior Managing Director Michael Klein, Director Ryan Carroll and Analyst Tyler Caricato led the team representing the borrower, which constructed both buildings in 1985. Additional terms were not disclosed.
“This financing opportunity presented a chance to secure funding for a best-in-class sponsor on two fully leased industrial assets in a strong northern New Jersey submarket,” Klein said. “The lending community expressed a lot of interest in this opportunity given its multi-tenancy, relatively long (weighted average lease term) and tenure of many of the tenants at the property.”
In announcing the deal, JLL noted that the 143,265-square-foot portfolio benefits from quick access to routes 202 and 46 and interstates 80 and 287, as well as proximity to Newark Liberty International Airport and Port Newark-Elizabeth. The properties are home to 10 tenants.
