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JLL secures permanent loan for fully leased Edison, NJ industrial property
The 124,720-square-foot facility in the Raritan Center business park was built in 2006, and the deal marks JLL’s third financing of the same building for Summit Associates Inc.
JLL Capital Markets arranged permanent financing for a fully leased industrial facility at 111 Fieldcrest Ave. in Edison, New Jersey, in the Exit 10 submarket, according to ConnectCRE.
The property is a 124,720-square-foot building constructed in 2006 on a 6.36-acre site within Raritan Center, one of the Northeast’s largest master-planned business parks, spanning about 13 million square feet across more than 100 buildings.
ConnectCRE reports that JLL worked on behalf of Summit Associates Inc. to secure the loan through a life insurance company, and that the closing represented the third time JLL had financed the building for the borrower.
JLL managing director Michael Klein said the Exit 10 submarket, and more specifically Raritan Center, remains highly sought after based on current 95% occupancy and historical 97% occupancy, which he said made the asset easier to place with lenders.