100 Frontage Road in Newark — Courtesy: United
By Joshua Burd
Seagis Property Group has secured $81 million in permanent financing for a new warehouse adjacent to Newark Liberty International Airport, brokers with JLL announced Tuesday.
According to a news release, an undisclosed life insurance company provided the five-year, interest-only loan for the 224,900-square-foot project at 100 Frontage Road. JLL noted that the building is fully leased to United, which uses it as a cargo facility and to house other business lines related to its Newark hub, providing the airline with 40-foot clear ceiling heights, 41 dock-high doors and parking for 130 cars and 38 trailers.
JLL senior managing directors Jim Cadranell and Gregory Nalbandian and Vice President Michael Lachs led the debt placement team.
“JLL is pleased to have secured permanent financing for Seagis on this exceptional industrial property in a challenging capital markets environment,” Cadranell said. “The lender recognized the importance of this asset and provided a seamless closing process.”
Seagis delivered the warehouse, which sits on 12.23 acres at the nexus of Interstate 78, Roue 1&9 and the New Jersey Turnpike, last June. The developer recently joined United to unveil the facility, which has increased the airline’s cargo availability to a net gain of more than 77,000 square feet in facility space and total cargo space at EWR to 319,000 square feet.
