A property within an 11-building portfolio in Edison’s Raritan Center, owned by Summit Associates — Courtesy: JLL
By Joshua Burd
Summit Associates has secured financing for an 11-building industrial portfolio in the Raritan Center business park in Edison, under a newly announced transaction by JLL.
Brokers with the firm’s capital markets team represented the developer and owner in sourcing the eight uncrossed, fixed-rate loans with terms of 10, 12 and 15 years, according to a news release. A correspondent life insurance company is providing the permanent financing for the fully leased, 947,058-square-foot portfolio, which includes 104 Sunfield Ave., 305 Clearview Road, 523 Raritan Center Parkway and 70, 75, 80, 85, 90, 95, 100 and 105 Newfield Ave.
JLL Managing Director Michael Klein and Analyst Andrew Zilenziger led the capital markets team representing the developers. The loan amount was not disclosed.
“JLL is pleased to have represented Summit Associates once again,” Klein said. “The relationship between the lender, the borrower and JLL and its predecessor company, HFF, dates back over 30 years. During this time, the lender has recognized the historical strength of the Raritan Center industrial market and SAI’s dominant position as a landlord within the park.
“As a result, the lender was able to provide an extremely attractive loan structure that enabled the borrower to stager the loan maturities, not cross the individual loans, and take advantage of an attractive interest rate on a long-term basis.”
Built throughout the 1980s, the portfolio consists of single- and multitenant buildings with ceiling heights ranging from 20 to 24 feet, the news release said. JLL touted the properties’ location within the landmark business park, which has close to 15 million square feet of office, research, warehouse and distribution and light industrial space in more than 100 buildings.
The site provides quick access to the New Jersey Turnpike, Garden State Parkway, Interstate 287 and routes 1 and 9.
