Summit Associates Inc. has refinanced a four-building, 389,501-square-foot portfolio in Edison that includes 135 Raritan Center Parkway, 115 Newfield Ave. and 87 and 97 Sunfield Ave. — Courtesy: JLL
By Joshua Burd
Summit Associates Inc. has refinanced a nearly 390,000-square-foot industrial portfolio in Edison for $16.1 million, brokers with JLL announced Thursday.
According to a news release, two different life insurance company lenders provided three separate 12-year, fixed-rate loans for the portfolio, which comprises four properties in the Raritan Center Business Park. They include 135 Raritan Center Parkway, 115 Newfield Ave. and 87 and 97 Sunfield Ave.
JLL Senior Managing Director Michael Klein, Director Max Custer and Associate Ryan Carroll placed the nonrecourse financing on behalf of the borrower.
“Raritan Center Business Park continues to demonstrate outstanding fundamentals within the industrial property sector,” Klein said. “As a result, we were able to compile substantial interest amongst the lending community which allowed SAI to capitalize on the historically low interest-rate environment.”
In announcing the deal, JLL said the single-story, multitenant buildings are 93 percent leased to a diverse mix of companies in the manufacturing, advertising, engineering, construction, health care and financial sectors. Additionally, 97 Sunfield is home to the 155,000-square-foot New Jersey Convention Center.
With clear heights ranging from 14 to 30 feet, the 389,501-square-foot portfolio features 26 dock-high doors, three drive-in doors, ample parking and office space, the news release said. The buildings also benefit from Raritan Center’s immediate access to the New Jersey Turnpike, the Garden State Parkway, Interstate 287 and Route 1.
“Both life company lenders performed exceptionally and were able to efficiently navigate a tight closing timeframe for our client,” Custer said.