Port Newark Junction at 150 St. Charles St. in Newark — Courtesy: JLL
By Tina Traster
JLL has arranged a $12 million facility loan for Port Newark Junction, a six-building, 154,149-square-foot industrial complex in Newark.
The brokerage team represented SilverTree Commercial Real Estate, the developer of the fully leased property at 150 St. Charles St., to secure the three-year loan with Provident Bank. Senior managing directors Michael Klein and Jon Mikula and Associate Gerard Quinn led the assignment for the firm’s Morristown-based capital markets team.
Sitting on nearly 14 acres, the property lies along Route 9 on the eastern side of Newark with easy access to Port Newark and Newark Liberty International Airport. The location provides tenants access to more than 9 million residents within 15 miles and 58 million consumers within a five-hour drive.
The Port submarket, the largest in northern New Jersey, has a vacancy rate of 1.4 percent, according to JLL research. Port Newark Junction is fully leased to three tenants, including Waste Management, featuring heights ranging from 15 to 25 feet with on-site truck parking.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
