Burton Real Estate’s three-building portfolio in New Jersey and northern Virginia — Courtesy: HFF
By Joshua Burd
HFF has arranged $11.3 million in financing for the owner of a three-building warehouse portfolio in New Jersey and northern Virginia, the brokerage firm said Thursday.
In a news release, HFF said it worked on behalf of Burton Real Estate to place a 10-year, fixed-rate loan with CUNA Mutual Group. The proceeds will be used to pay down an acquisition loan for the portfolio, which spans 176,472 square feet and includes buildings in Monroe and Swedesboro.
The Monroe building, located at One Fitzgerald Avenue, spans 78,272 square feet and is three miles from New Jersey Turnpike Exit 8A. The 55,000-square-foot Swedesboro property sits at 509 Heron Drive and is 26 miles southeast of Philadelphia and seven miles west of the Turnpike.
The HFF debt placement team included Managing Director Michael Klein.
“After Burton Real Estate executed its business plan and got each of the tenants to renew, it was ready to put long-term, fixed-rate, non-recourse financing on the portfolio,” Klein said. “Like many life insurance companies, CUNA was very eager to land on industrial properties and provided a very attractive rate and flexibility to add additional properties to the portfolio in the future.”
Burton purchased the assets within the last three years, HFF said, noting that all of the properties were purchased with short-term leases in place. The buildings also include a 43,200-square-foot industrial and flex warehouse at 7979 Wellingford in Manassas, Virginia.
The portfolio is fully leased to four tenants and features clear heights ranging from 18 to 33 feet, eight dock doors and three drive-in doors.
