A development by Invesco Real Estate and The Hampshire Cos. would create a two-building warehouse and distribution center at 30 Cross St. in Bogota and Ridgefield Park, where plans call for a combined 187,530 square feet. — Rendering courtesy: JLL
By Joshua Burd
Invesco Real Estate and The Hampshire Cos. have obtained a $34.5 million construction loan to build nearly 188,000 square feet of new industrial space in Bergen County.
According to a debt placement team with JLL, the joint venture secured the three-year, floating-rate loan with extension options through Texas Capital Bank. Proceeds will support the development of a two-building warehouse and distribution center at 30 Cross St. in Bogota and Ridgefield Park, where plans call for a combined 187,530 square feet with 36-foot clear ceiling heights, 52- by 50-foot column spacing, 21 dock-high doors and 268 automobile parking spaces.
JLL senior managing directors Michael Klein, John Rose and Jon Mikula and Associate Ryan Carroll placed the loan on the borrowers’ behalf. They announced the deal last week, adding that the 11.71-acre site is minutes from the George Washington Bridge and has strong access to the New Jersey Turnpike and interstates 78 and 80, among other highways and destinations.
