By Joshua Burd
Nuveen Real Estate has provided $28 million in permanent financing to the owner of a 215,000-square-foot industrial building in North Bergen, brokers with JLL announced.
According to the debt placement team, the shallow-bay property at an undisclosed location is 96 percent leased to seven tenants from industries such as textiles, entertainment, food products and relocation services. Originally built in the 1960s and renovated in the early 2000s, the property has 16- to 22-foot clear ceiling heights, 14 dock doors, five drive-in doors and 81 car parking spaces.
JLL Senior Managing Director Jon Mikula, Director Max Custer and Analyst John Cumming sourced the fixed-rate loan on the borrower’s behalf, touting the site’s proximity to the Lincoln Tunnel, North Jersey’s vast highway network and Port Newark-Elizabeth.
“This financing underscores the robust demand for industrial properties in the North Bergen/Secaucus submarket,” Mikula said. “With very limited new construction projects currently underway in the area, the market is poised to witness sustained low vacancy rates and continued rent growth.”