305 Veterans Blvd. in Carlstadt — Courtesy: JLL
By Joshua Burd
An affiliate of Penwood Real Estate Investment Management LLC has secured acquisition financing for a nearly 110,000-square-foot Meadowlands industrial building.
According to JLL, which sourced the debt, Tristate Capital Bank provided the $19.56 million loan in connection with the property at 305 Veterans Blvd. in Carlstadt. The borrower is Penwood Select Industrial Fund VI LP, which recently closed on its purchase of the 109,775-square-foot warehouse and distribution facility.
JLL Senior Managing Director Michael Klein, Director Max Custer and Associate Ryan Carroll secured the three-year, floating-rate loan on the borrower’s behalf.
“While the debt market continues to remain volatile, there is still ample liquidity for strong sponsors who own industrial properties in premier markets such as the Meadowlands, provided that the deals feature the right leverage and structure,” Klein said.
JLL’s Chris Hile, Michael Palmeri and David Knee have listed the site for lease, the firm said, noting that the property sits on 3.5 acres and has 22-foot clear heights, six dock-high doors, one drive-in door, 78 parking spaces and an emergency backup generator able to power the entire building. Penwood purchased the structure from a departing user and will look to fill the now-vacant space to a user seeking a presence in the supply-constrained Meadowlands submarket.
The property is minutes from Route 17, Interstate 80 and the New Jersey Turnpike.
“TriState Capital Bank quickly recognized the merits of 305 Veterans Boulevard and put together an attractive financing proposal that will allow Penwood to execute its business plan,” Custer said.
Penwood adds 110,000 sq. ft. Meadowlands industrial property, in Chaus-brokered deal
