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JONES LANG LASALLE INCORPORATED

(JLL)
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Delayed Nyse  -  04:00:02 2023-01-31 pm EST
184.87 USD   +2.80%
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Jones Lang LaSalle Incorporated : $40M financing secured for industrial warehouse in central New Jersey

11/30/2022 | 01:03pm EST

MORRISTOWN, N.J. - November 30, 2022 - JLL Capital Markets announced today that it has arranged $40 million in acquisition financing for 201 Elizabeth St., a 274,197-square-foot warehouse and distribution facility in Bordentown, Burlington County, New Jersey.

JLL worked on behalf of the borrower, Penwood Real Estate Investment Management, LLC, through its sixth value-added investment vehicle, Penwood Select Industrial Fund VI, L.P., in securing the three-year, floating-rate loan with the Real Estate Finance group at CIT, a division of First Citizens Bank.

The 33.9-acre property has 22'-24' clear heights, 16 dock-high doors, two drive-in doors, a 215' truck court, 42' x 38' column spacing, 116 car parking spaces and 67 trailer parking spaces. The property is currently leased on a short-term basis with plans to implement a strategic capital improvement plan in early 2023.

201 Elizabeth St. benefits from its position near key highways including the New Jersey Turnpike, Interstate 295 and Routes 1, 206 and 130. As a result, tenants can supply three of the region's largest population centers, Philadelphia, New York City and Baltimore/Washington, D.C., within a two-hour drive. This access to major thoroughfares provides the ability to reach 73% of the U.S. population within a twenty-four-hour drive. The Philadelphia International Airport, the Port of Philadelphia, Newark Liberty International Airport and the Port of New York and New Jersey are all less than 60 miles from the warehouse.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein, Director Max Custer and Associate Ryan Carroll.

"Penwood is in a great position to implement an extensive capital improvement program to the property that will help attract tenants and allow them to capitalize on the market's low vacancy and growing asking rents," said Klein.

"CIT's Real Estate Finance team was able to quickly grasp Penwood's business plan and put together an attractive financing proposal that will fund the transformation of 201 Elizabeth St. into a well-located, highly functional warehouse and distribution facility," added Custer.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

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Jones Lang LaSalle Inc. published this content on 30 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2022 18:02:10 UTC.


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Financials (USD)
Sales 2022 20 831 M - -
Net income 2022 721 M - -
Net Debt 2022 1 529 M - -
P/E ratio 2022 13,1x
Yield 2022 -
Capitalization 8 774 M 8 774 M -
EV / Sales 2022 0,49x
EV / Sales 2023 0,48x
Nbr of Employees 98 200
Free-Float 90,6%
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Number of Analysts 9
Last Close Price 184,87 $
Average target price 217,50 $
Spread / Average Target 17,7%
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Managers and Directors
Christian Ulbrich President, Chief Executive Officer & Director
Barbara Cominelli CEO
Karen Brennan Chief Financial & Investment Officer
Siddharth N. Mehta Chairman
Allan Frazier Global Chief Information Officer
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