400 Airport Corporate Drive in Ewing — Courtesy: JLL
By Joshua Burd
The owner of a newly built, 130,000-square-foot industrial building in Mercer County has refinanced the property for $14.5 million, in a newly announced deal by JLL.
According to the debt placement team, Herring Properties secured the 11-year, fixed-rate loan from Nationwide Life Insurance Co. in connection with 400 Airport Corporate Drive in Ewing. The transaction follows the building’s delivery in the first quarter of this year, JLL said, noting that it’s fully leased as a warehouse and distribution center to Binsky & Snyder.
JLL Senior Managing Director Michael Klein and Director Max Custer sourced the nonrecourse loan on the borrower’s behalf.
“We are thrilled to have assisted Herring Properties in arranging financing for 400 Airport Corporate Drive,” Custer said. “We were able to lock in an extremely favorable long-term, fixed-interest-rate prior to the property receiving its final (certificate of occupancy) and before the recent run-up in the treasury market.”
Located just south of Interstate 295, the property has quick access to the highway as well as Route 1 and the New Jersey Turnpike, JLL said. The facility also has 40-foot clear ceiling heights, 18 dock-high doors, two drive-in doors, 32 trailer parking stalls and ample vehicle parking.
Its tenant, Binsky & Snyder, provides mechanical construction services and is able to reach one-third of the U.S. population within 24 hours. It’s also minutes from Trenton Mercer Airport, 30 miles to the Port of Philadelphia and 50 miles to the Port of New York and New Jersey.
