569 Halls Mill Road in Freehold and Howell — Courtesy: JLL
By Joshua Burd
The buyer of a 129,600-square-foot industrial building in Monmouth County has landed nearly $11 million in financing and equity for the acquisition, brokers with JLL announced Monday.
The real estate services firm represented the borrower, Camber Real Estate Partners, in sourcing the $6.3 million loan and $4.4 million in joint venture equity for the property at 569 Halls Mill Road in Freehold and Howell. An undisclosed life insurance company is providing both, JLL said, noting that the building is leased to a pharmaceutical company.
The site also includes excess land for a future industrial development.
“Camber acquired this mission-critical warehouse facility off-market at a very attractive basis,” said JLL Senior Managing Director Greg Nalbandian, who led the debt placement team. “We were excited to bring a new and unique capital relationship to our client with one of our life insurance company correspondents that provided both debt and equity financing at very attractive terms.”
Sitting on 42.58 acres, 569 Halls Mill Road spans three parcels split between the two municipalities, JLL said. The firm touted its proximity to major highways including the Garden State Parkway and to a four‐way interchange of Route 33.
The existing tenant, a publicly traded global pharmaceutical company at the forefront of COVID-19 testing kits, has been a long-term occupier at the property.