The site of a new 171,000-square-foot industrial project at 537 Route 130 in Hamilton — Courtesy: JLL
By Joshua Burd
The developers of a new 171,000-square-foot industrial project in Hamilton have obtained nearly $13 million in financing for the project, according to a debt placement team with JLL.
The borrower, a joint venture of Penwood Real Estate Investment Management LLC and Metrix Real Estate Services LLC, is eyeing a third-quarter delivery for the property at 537 Route 130. An undisclosed bank is providing the three-year, floating-rate construction loan on a nonrecourse basis, JLL said, noting that the project is redeveloping a former strip mall.
“JLL is pleased to have placed another speculative development loan on behalf of Penwood Real Estate Investment Management and Metrix Real Estate Services,” JLL’s Michael Klein said. “The project’s Class A design and quality, its exceptional location and the New Jersey industrial market’s robust fundamentals will undoubtedly make 130 Commerce Center a great success.
“The developers have demonstrated a consistent track record in delivering high-quality distribution and warehouse product, which will very likely result in the project being fully leased well in advance of construction completion.”
Klein, a senior managing director, sourced the $12.66 million loan alongside Director Max Custer. They touted the project’s location near the New Jersey Turnpike and a design that calls for steel frame construction, a metal roof deck and 36-foot clear ceiling heights.
The building will also include 40 loading positions, deep speed bays, 50 trailer parking stalls, ample vehicle parking and a modern fire safety and lighting system, JLL said. The joint venture expects the project to attract logistics or e-commerce users, thanks in part to its easy access to highways such as routes 1, 206, 31 and 33.
