500 Meadowlands Parkway in Secaucus — Courtesy: JLL
By Joshua Burd
The owner of a nearly 710,000-square-foot industrial building in Secaucus is refinancing the property for $25 million, under a newly announced transaction by JLL.
In a news release, JLL said it represented the borrower in securing the fixed-rate loan for the fully leased, 706,487-square-foot distribution center at 500 Meadowlands Parkway. Hartford Investment Management Co. is providing the funds, which will be used to refinance existing debt.
“HIMCO did a great job committing and closing this loan during this difficult time and looks forward to doing more business with such a strong borrower,” said JLL Senior Managing Director Thomas Didio, who led the debt placement team. “We are pleased to play a role in providing the financing for the borrower for this project.”
Owned by 500 Meadowland Parkway LLC, the property sits on more than 32 acres within the 750-acre Harmon Cove development. The location is three miles from Manhattan via the Lincoln Tunnel and provides a short trip to Port Newark-Elizabeth and Newark Liberty International Airport, with access via multiple New Jersey Turnpike exits and area highways.
The owner has renovated and expanded the 43-year-old building multiple times, JLL said in a news release. The original tenant, a large retailer that has occupied the property since 1978, uses it as a distribution warehouse and office space.
JLL will service the loan.