100 Industrial Road in Berkeley Heights — Courtesy: JLL
By Joshua Burd
An investment group has landed a $9 million loan for a recently acquired industrial building in Berkeley Heights, in a newly completed transaction by JLL.
The borrower, a joint venture of Camber Real Estate Partners and an institutional partner, purchased the 77,875-square-foot property at 100 Industrial Road earlier this year and is performing extensive renovations to bifurcate the building into units that are both leased on a long-term basis, according to JLL. First Bank is providing the five-year, fixed-rate loan.
“Camber created significant value preleasing the entire building at very attractive rents,” said Greg Nalbandian, a senior managing director with JLL. “These attributes combined with best-in-class sponsorship made this a very attractive financing opportunity. First Bank did a terrific job closing this loan, and we were honored to represent Camber on another successful project.”
Nalbandian represented the borrowers alongside JLL Vice President Michael Lachs. They noted that the property, which sits on 4.58 acres, is part of the Interstate 78 submarket and has easy access to northern New Jersey’s vast transportation network.