JLL Capital Markets arrange acquisition financing for 66,000 s/f industrial building

Paterson, NJ JLL Capital Markets has arranged acquisition financing for a fully leased, 66,000 s/f light industrial building with nearly an acre of outdoor storage space. 

JLL worked on behalf of the borrower, Timberline Real Estate Ventures, to place the fixed-rate, non-recourse loan with Blue Foundry Bank.

The property consists of a 66,000 s/f warehouse building at 845 East 25th St. that is fully leased to Kamco Supply, one of the largest commercial and residential building material suppliers in the New York Metro Area. The 3.35-acre site is improved with a single-story building constructed in 1940 featuring warehouse and showroom/office space. A key component of the asset is the nearly one acre of paved and secure outdoor storage area, a rare amenity in the Northern New Jersey market.

The JLL Capital Markets team representing the borrower was led by senior managing director Michael Klein, director Alex Staikos and vice president Michael Lachs.

“JLL is pleased to have secured acquisition financing for another industrial property on behalf of Timberline Real Estate Ventures as it continues to grow its New York Metro Area industrial portfolio,” Klein said. “Blue Foundry Bank quickly understood the high demand for the property driven by its outdoor storage capabilities, proximity to Interstate 80, and location in an Urban Enterprise Zone."

“JLL specializes in financing properties with values driven by their industrial outdoor storage (“IOS”) capabilities,” Klein said. “IOS properties are in high demand by tenants and investors alike and are critical to New Jersey’s industrial distribution network. This rapidly developing subset of the market is still untapped by many lenders.”