Brand new warehouse in Randolph, NJ secures financing

MORRISTOWN, N.J., Oct. 24, 2024 – JLL Capital Markets announced today it arranged $7 million in permanent financing for 11 Aspen Drive, a newly completed 40,586-square-foot warehouse industrial building in Randolph, New Jersey.

JLL represented the venture between North Jersey Development Group and Commercial Realty Group, to secure the fixed-rate, 11-year loan through life company correspondent, Aegon Asset Management.

Delivered in late 2023, the property features 36-foot clear ceiling heights, seven rear loading docks, a 110-foot-deep paved truck court, 61 parking spaces and a modern exterior design. The facility is fully leased to two tenants: Red Bull, utilizing the space for marketing and distribution, and Dominion Solutions DBA Source4, which uses the space for storage and distribution operations.

Located in affluent Morris County within the Aspen Business Park, 11 Aspen Drive benefits from proximity to major highways (I-80, US Route 46 and NJ Route 10) and access to skilled labor pools. The property is also situated 25 miles from Newark Liberty International Airport, 26.5 miles from the Port of New York and New Jersey, and offers easy access to New York City.

The JLL Debt Advisory team was led by Senior Managing Director Gregory Nalbandian and Senior Analyst Benjamin Morgenthal.

“The sponsor/developer was seeking to replace their bank construction financing with an attractive long-term fixed rate loan upon stabilizing the asset,” stated Nalbandian. “Aegon saw an attractive opportunity to secure a loan on a highly desirable industrial asset and delivered outstanding terms.”

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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

Commercial Realty Group (CRG-Realty.com), based in Parsippany, is an active, full service commercial real estate firm founded in 1983 that owns and manages over 2,250,000 sf of light industrial, office and medical office space in northern New Jersey.  CRG is led by Andrew H. Billing and Harry A. Seidman.

North Jersey Development Group (NJDG) is a long-time north Jersey commercial real estate developer led by Daniel L. Cohen and Louis Antonucci.

Aegon Asset Management is comprised of active global investors. Our approximately 385 investment professionals manage and advise on assets of $341 billion for a global client-base of pension plans, public funds, insurance companies, banks, wealth managers, family offices and foundations (as of June 30, 2024).

We organize our investment capabilities around four focused investment platforms where we have extensive asset-class expertise: Fixed Income, Real Assets, Equities and Multi-Asset & Solutions. Each platform has dedicated teams and is committed to maximizing their specialist areas.   

Across platforms, we share a common belief in fundamental, research-driven active management, underpinned by effective risk management. Our investment platforms have the flexibility to organize their resources and processes to best suit their area of focus.  

We are a global business: Our approximately 1,160 employees work across Europe, the Americas and Asia. We invest globally and serve clients locally. For more information about Aegon Asset Management, visit www.aegonam.com.