Reuten Corporate Park at Ruckman Road and Reuten Drive in Closter: Courtesy: JLL
By Joshua Burd
The owner of a five-building commercial park in Bergen County has refinanced for $11 million, following a transaction arranged by brokers with JLL.
The real estate services firm worked on behalf of the borrower, Reuten Associates, to place the loan for the Reuten Corporate Park at Ruckman Road and Reuten Drive in Closter. M&T Bank is providing the financing for the 156,782-square-foot flex industrial and office property.
“We are excited to have arranged this refinancing with M&T Bank on behalf of Reuten Associates,” said Aaron Niedermayer, a managing director with JLL’s capital markets team. “The lending community showed significant interest in this loan due to its prime location in Bergen County, industrial use and generational ownership. We achieved several of our client’s strategic goals with this financing and secured extremely attractive economics.”
Niedermayer completed the debt assignment alongside JLL Managing Director Michael Diaz, Associate Chris Byrns and Analyst Brendan Collins.
Reuten Corporate Park features 95,528 square feet of industrial space and 61,254 square feet of office space, according to a news release. Reuten Associates, which has owned the property since developing it in the mid-1980s, is seeking to capitalize on the rapidly rising demand for industrial space in New Jersey.
The complex is 99 percent occupied with tenants such as Nippon Express, the fifth-largest logistics provider in the world, and Rayence, the leading distributor of flat panel detectors for x-ray equipment.