225 Terminal Ave. in Clark — Courtesy: Denholtz Associates
By Joshua Burd
Denholtz Associates has secured nearly $4 million to refinance two of its flex properties at a mixed-use commercial complex in Clark, the firm said Tuesday.
The development, management and investment firm said the seven-year, $3.788 million loan allows it to refinance 89 Terminal Ave. and 225 Terminal Ave., which total 27,332 square feet within the Clark Commercial Center. Denholtz secured the loan through OceanFirst Bank, which was represented by Brad Fouss.
The two properties, which include 13,464 square feet leased by KinderCare and 13,868 square feet leased by Retro Fitness, are part of the 10-building, 283,201-square-foot portfolio acquired by Denholtz in 2015 under a joint venture with MB1. The properties sit just off Garden State Parkway Exit 135, between Central and Rahway avenues, and are anchored by L’Oreal’s roughly 190,000-square-foot North American research and development facility.
“Our longstanding relationships with capital partners, including community-focused lenders like OceanFirst with deep knowledge of their local markets, has been a large part of our success in the commercial real estate industry,” Stephen Cassidy, president of Matawan-based Denholtz Associates, said in a prepared statement. “OceanFirst shares our vision for the Clark Commercial Center and sees the potential of this highly desirable and well located portfolio.
“With interest rates at current historic lows, we recognized an opportunity to refinance on these two properties to lock in favorable long-term financing and ensure that we could continue to deliver the highest returns for our investors while bringing an exciting and diverse mix of tenants to Clark.”
Other major tenants include The Lawbook Exchange, New York Community Bank and the headquarters of the Promptcare Cos. A shopping center is also under construction at the property to house a standalone Dunkin Donuts and CKO Kickboxing facility.
