150 Tornillo Way in Tinton Falls — Courtesy: JLL
By Tina Traster
JLL has arranged a refinancing for two Monmouth County light industrial buildings totaling 50,923 square feet.
The debt placement team represented the borrower, Denholtz Properties, to secure the five- and seven-year, fixed-rate loans through Spencer Savings Bank in connection with the properties at 150 and 151 Tornillo Way in Tinton Falls. It noted that the newly built, single-story properties are within a mile of the Garden State Parkway and Route 18, adding that they are 100 percent leased to five regional and local tenants.
JLL senior managing directors Michael Klein and Jon Mikula and Vice President Michael Lachs sourced the financing.
“The properties are located in the central section of Monmouth County, a market rapidly emerging as a key industrial market of central New Jersey,” Lachs said. “Denholtz Properties developed two high-quality buildings perfectly positioned for this market. Spencer Savings Bank provided exceptional loan terms on the properties given the strength of the assets and Denholtz Properties’ experience as industrial developers.”
In announcing the deal, JLL said 150 Tornillo Way has 26,400 square feet with 11 drive-in doors, 24-foot clear ceiling heights and 116 parking spaces. The adjacent property, 151 Tornillo Way, is 24,523 square feet and features four dock-high doors, one drive-in door, 24-foot clear ceiling heights and 91 parking spaces, while it is fully leased to WorldPac, a leading distributor of foreign car parts.
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.
