375 and 425 Raritan Center Parkway in Edison — Courtesy: JLL
By Joshua Burd
Summit Associates Inc. has closed on financing for more than 113,000 square feet of industrial space in Edison’s Raritan Center, in a newly announced deal by JLL.
According to the debt placement team, an undisclosed lender provided the 11-year, fixed-rate loan in connection with the two-building portfolio. The properties include 375 and 425 Raritan Center Parkway, which house 53,950 and 59,261 square feet, respectively, and are fully leased.
JLL Senior Managing Director Michael Klein and Director Max Custer led the team that sourced the loan on Summit Associates’ behalf, touting the buildings’ location near the New Jersey Turnpike, Interstate 287 and the Garden State Parkway. Additional terms were not disclosed.
“This financing reflects the continued strength and attractiveness of last-mile industrial assets in central New Jersey,” Klein said. “With the Exit 10 submarket’s historically low vacancy rates and rising rents, lenders remain eager to provide capital for quality industrial properties in this prime logistics corridor.”
Built in 1982 and 1988, 375 and 425 Raritan Center Parkway have clear heights ranging from 21 to 25 feet and ample loading docks, according to a news release. They are part of the roughly 12 million-square-foot Raritan Center and are some 15 miles from both Newark Liberty International Airport and the Port of New York and New Jersey.
