Jones Lang LaSalle Incorporated : Northern New Jersey light industrial and R&D facility acquisition financed for $7.2M

JLL Capital Markets announced today that it has arranged $7.2 million in financing for the acquisition of a fully leased, single-tenant, 63,200-square-foot light industrial and R&D building located at 3920 Park Ave. in Edison, New Jersey.

JLL worked on behalf of the borrower, New York City-based Northpath Investments, to place the five-year, fixed-rate loan with Signature Bank.

3920 Park Ave. is in the West I-287 Industrial submarket, one of the best performing industrial markets in the region due to its extensive highway network and access to a robust labor market. Within the submarket, vacancy is currently less than one percent, while average rents have trended in excess of $10/square foot. The property is just one mile from Interstate 287, less than 3.5 miles from the New Jersey Turnpike and three miles from the Garden State Parkway, which provides access to the major economic centers along the East Coast, including New York and Philadelphia. The property has access to a deep labor pool of residents with over 1,000,000 people within 10 miles.

Constructed in 1970, the building features 20-foot clear heights, three tailboard loading docks, laboratory and office space and ample parking. The facility is fully leased to and serves as the corporate headquarters and critical research and development facility for Eos Energy Services, a clean energy storage solutions company. Eos has been a tenant at the Edison facility since 2016 and has made a considerable financial commitment to the building, including various system upgrades.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Michael Klein and Director Max Custer.

'We are pleased to have arranged acquisition financing for Northpath Investments and kick off a new lending relationship for our client with Signature Bank,' Klein said. 'Thanks to the diligent efforts of every member of the deal team, we were able to close this transaction in less than 45 days.'

'3920 Park Ave. is a well-performing property in a submarket that continuously attracts new investment among real estate owners and users alike,' Custer added.

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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