JLL Capital Markets arranges loan for purchase of 241 Oraton St. in Port Industrial submarket

Newark, NJ JLL Capital Markets announced that it has arranged acquisition financing for a 131,205 s/f, single-tenant industrial warehouse and distribution facility at 241 Oraton St. in Newark, New Jersey.

JLL worked on behalf of the borrower, Thor Equities Group, to place the 11-year, fixed-rate, non-recourse loan with National Life Group.

The property occupies five acres in a strategic logistics location in Newark. 241 Oraton St. is along Route 21, which provides connectivity to a host of area transportation thoroughfares, including Interstates 95, 280 and 78, and, by extension, the vital infrastructure the tenant requires.

Located within the Port Industrial submarket, an infill logistics location, 241 Oraton St. is positioned for last-mile distribution. According to JLL Research’s New Jersey Industrial Insight report for the fourth quarter of 2021, the vacancy rates for the submarket are at a low 1 percent, lower than the average New Jersey market vacancy rate of 1.3 percent. The property is also within the highly sought-after Route 21 Corridor, a favorite among occupiers and investors for its connectivity.

The JLL Capital Markets Debt Placement team representing the borrower was led by senior director David Sitt, managing director Peter Rotchford, senior director Matthew Pizzolato and analyst Jake Moore.

“We received tremendous interest from the lending community on this asset given the premier sponsorship and location of the asset in one of the most sought-after industrial submarkets in the country,” Pizzolato said. “National Life Group recognized this and stepped up to offer an attractive 11-year, fixed-rate loan that is full term interest only.”