By Joshua Burd
The owner of a multistate, 6.8 million-square-foot industrial portfolio that includes a nearly 143,000-square-foot warehouse in Morris County has refinanced for $525 million.
The borrower, SomeraRoad, secured the loan through Bank of Montreal as part of a transaction arranged by brokers with Newmark. The deal will support a group of 50 properties across 27 states that are all net-leased to single tenants, with each serving what the team described as a critical manufacturing or distribution function.
The Morris County property is located at 1 Luger Road in Denville, the home of a building products distributor known as BlueLinx.
“It is remarkable what the SomeraRoad team has been able to accomplish, aggregating and scaling a strong portfolio and building an impressive net-lease platform in the process,” Newmark’s Jordan Roeschlaub said. “The team has compiled a marquee portfolio of industrial properties, acquiring and positioning these assets for success with ingenuity and best-in-class management.”
Roeschlaub represented SomeraRoad alongside Dustin Stolly, Chris Kramer, Nick Scribani and Jake Neeb.
“SomeraRoad has been highly active in acquiring and expanding its industrial net-lease portfolio,” Stolly said. “The diversity and mission-criticality of the properties, coupled with the continued favorability of the industrial debt market, showed through in this execution.”
Newmark announced the deal Tuesday, noting that the portfolio spans 40 distinct markets and has a tenant roster comprising 35 companies. Additionally, the firm said the properties have a weighted average lease term of nearly 13 years, boasting diversity with respect to both their tenant profiles and geography.
Each is located near highly trafficked public infrastructure, Newmark said, adding that tenants across the portfolio have invested in upgrades and that a sizable portion of the portfolio was constructed in the last decade.
