111-135 Thomas McGovern Drive in Jersey City — Courtesy: JLL
By Joshua Burd
An investment group has purchased a nearly 66,000-square-foot warehouse in Jersey City with the help of a $10.25 million acquisition loan, JLL’s New Jersey capital markets team announced.
Brokers represented the borrower, Cohen Asset Management Inc., to secure the financing in connection with the property at 111-135 Thomas McGovern Drive. They noted that the 50-year-old building, which sits on 3.4 acres, is fully leased to Nestle Waters and serves as a distribution outlet and manufacturing facility for the beverage company.
JLL Senior Managing Director Jon Mikula led the team sourcing the five-year, fixed-rate loan, which was provided by a correspondent life insurance company.
In announcing the deal, JLL said Nestle has occupied the 65,715-square-foot warehouse since 2008. The structure has a 24-foot clear ceiling height, 11 dock-high doors, four drive-in doors, mezzanine storage, 15,000 square feet of office space, and parking for trucks and cars.
The building is less than a mile from Interstate 78, which connects to the Holland and Lincoln tunnels and provides the tenant immediate access into New York City.
