By Joshua Burd
Denholtz Properties has secured nearly $17 million to refinance a six-building industrial portfolio in Ocean County and Pennsylvania’s Lehigh Valley, brokers with JLL said.
According to the debt placement team, the portfolio spans 258,123 square feet and includes the four-building Northampton Business Park at 1545-1575 Route 37 West in Toms River, which totals 94,627 square feet and is 97 percent leased. The Pennsylvania properties, meantime, include a 98,291-square-foot property at 7036 Snowdrift Road in Upper Macungie and a 65,205-square-foot, single-story structure at 969 Postal Road in Allentown.
JLL worked on Denholtz’s behalf to place two separate 10-year, fixed-rate loans for the multitenant portfolio. Minnesota Life Insurance Co. is providing the nonrecourse financing, which totals $16.86 million.
“Demand for quality industrial product in this region continues at unprecedented levels,” said Jon Mikula, a senior managing director with JLL. “Lender interest in this transaction was diverse and aggressive.”
Mikula completed the assignment alongside JLL Senior Managing Director Michael Klein, Director Michael Pagniucci and Analyst Gerard Quinn. They noted that the portfolio features clear heights ranging from 12 to 20 feet, 28 loading docks and 64 drive-in doors.