845 East 25th St. in Paterson — Courtesy: JLL
By Joshua Burd
A real estate firm has secured financing to acquire a fully leased, 66,000-square-foot light industrial building and outdoor storage space in Paterson, under a deal arranged by JLL.
In a news release, the brokerage team said it sourced the loan on behalf of Timberline Real Estate Ventures in connection with the site at 845 East 25th St. Blue Foundry Bank provided the fixed-rate, non-recourse financing for an undisclosed amount, JLL said, noting that the property consists of a warehouse that is leased to Kamco Supply and nearly one acre of paved and secure outdoor storage area.
“JLL is pleased to have secured acquisition financing for another industrial property on behalf of Timberline Real Estate Ventures as it continues to grow its New York metro area industrial portfolio,” JLL Senior Managing Director Michael Klein said. “Blue Foundry Bank quickly understood the high demand for the property driven by its outdoor storage capabilities, proximity to Interstate 80 and location in an Urban Enterprise Zone.”
Klein completed the deal alongside JLL Director Alex Staikos and Vice President Michael Lachs. They noted that the 3.35-acre site, located some 20 miles west of Manhattan, is improved with a single-story building constructed in 1940 featuring warehouse and showroom and office space.
Kamco, meantime, is one of the largest commercial and residential building material suppliers in the New York metro area.
“JLL specializes in financing properties with values driven by their industrial outdoor storage capabilities,” Klein added. “IOS properties are in high demand by tenants and investors alike and are critical to New Jersey’s industrial distribution network. This rapidly developing subset of the market is still untapped by many lenders.”
