Delta Fairness Administration has secured a refinancing mortgage for the Harborview Logistics & Distribution Middle, a 195,723-square-foot industrial constructing in Bayonne, N.J.
JLL Capital Markets labored on behalf of the borrower to safe the fixed-rate mortgage, which was offered by Lincoln Monetary Group.
The property beforehand landed a $37 million building mortgage originated by Provident Financial institution in 2021, CommercialEdge knowledge exhibits.
Harborview got here on-line in 2022. The Class A facility sits on roughly 10 acres in an Alternative Zone and options 40-foot clear heights, ESFR hearth sprinklers, 46 dock doorways, dock bumpers and levelers, two drive-ins, 32 trailer stalls and 149 parking areas. The constructing is absolutely leased to HD Provide, a division of Residence Depot, a common provider of upkeep and restore merchandise.
The property is positioned at 69 New Hook Street, alongside the Hudson River, 6.2 miles from Jersey Metropolis, N.J., and 20 miles from New York Metropolis. The distribution heart has speedy entry to Route 440 and is in shut proximity to the New Jersey Turnpike and Interstate 78. Port Newark-Elizabeth Marine Terminal is positioned inside eights miles, whereas Newark Liberty Worldwide Airport is 9.6 miles away.
The JLL staff included Senior Managing Director Jon Mikula and Vice President Michael Lachs. The agency not too long ago secured a $19.6 financing for a warehouse and distribution facility in Carlstadt, N.J., on behalf of Penwood Actual Property Funding Administration.
New Jersey’s industrial lease development
A coastal market with numerous transport ports, New Jersey registered an 8.7 % improve in lease year-over-year as of February, versus a nationwide improve of 6.9 %, a CommercialEdge report exhibits. By comparability, California’s Inland Empire noticed a 15.6 % year-over-year improve, with Los Angeles and Boston registering 11.6 % and 10.7 % upticks, respectively.
The report confirmed that port markets had the biggest spreads between the typical lease for all leases and the speed of a lease signed within the final 12 months. In New Jersey, new leases averaged $13.79 per sq. foot, a $4.40 improve in comparison with the typical for all leases, which clocked in at $9.39 in February.
New Jersey’s emptiness fee was at 2.8 %, decrease than the nationwide fee at 3.9 %. Earlier in March, GXO Logistics signed a full-building lease with Hyperlink Logistics for a 611,000-square-foot warehouse in South Brunswick, N.J.