9-11 Chapin Road in Pine Brook — Courtesy: JLL
By Joshua Burd
The owner of four industrial buildings in New Jersey and New York has refinanced the properties, under a set of newly announced transactions by JLL.
The borrower, The Frassetto Cos., secured an undisclosed amount of debt for the 257,949-square-foot portfolio, JLL said. The assets include a 76,326-square-foot facility at 9-11 Chapin Road and an 80,509-square-foot building at 9-15 Riverside Drive, both in the Pine Brook section of Montville, along with complexes of 52,908 and 48,206 square feet at 707 and 709 Executive Blvd. in Valley Cottage, New York.
A life insurance company provided the two 10 year-fix-rated loans.
“These high-quality properties have been nearly 100 percent occupied since their construction by the borrower in the 1980s, which is a testament to their prime location and the job that the Frassetto Companies does maintaining and managing the buildings along with establishing long-lasting relationships with its tenants,” said JLL Senior Managing Director Klein, who led the debt placement team representing the borrower. “We started marketing this portfolio in the midst of the pandemic but were easily able to garner interest from life insurance companies given the properties’ strong in-place and historical occupancy and relatively low leverage request.”
In a news release, JLL touted the location of the Pine Brook properties along the Route 46 corridor and some two miles from the intersection of interstates 80 and 280. The fully leased, multitenant assets were built in 1980 and feature 22-foot clear heights, 12 loading docks, 12 drive-in doors and 10 percent office finish.
The Valley Cottage properties are also fully leased and are home to seven tenants, featuring 11 loading positions, 22-foot clear heights, ample parking and a low office finish. Located just off Route 303, the buildings are some two and a half miles from Route 9W, three miles from Interstate 287 and less than six miles from the Gov. Mario M. Cuomo Bridge.
