Construction loan secured for Class A industrial development

MORRISTOWN, N.J. – October 24, 2022 – JLL Capital Markets announced today that it has arranged construction financing for 12 Porete, a to-be-built, 111,660-square-foot warehouse facility in North Arlington, New Jersey.

JLL worked on behalf of the sponsorship, a joint venture between Hampshire Companies and Invesco Real Estate, a global real estate investment manager, to secure the three-year construction loan through BMO Financial Group.

12 Porete Ave. was previously improved with a 91,000-square-foot warehouse building that is being razed to make way for a new best-in-class warehouse. The new facility will feature 40-foot clear heights, 22 dock-high doors, five trailer parking spaces and a four percent office finish.

The property is positioned on a 5.59-acre site within the Meadowlands, one of Northern New Jersey’s coveted industrial locations. 12 Porete Ave. has excellent access to major thoroughfares, including the New Jersey Turnpike and Interstates 78 and 80, which provide distributors access to major metropolitan areas, including New York City and Philadelphia, as well as the Port of New Jersey and Newark International Airport.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein, John Rose and Jon Mikula and Associate Ryan Carroll.

“12 Porete Avenue is an ideal location for a distribution hub given its accessibility to an extensive transportation infrastructure network and proximity to nearly one third of the U.S. population within 24 hours,” Klein said. “Hampshire and Invesco Real Estate are building a best-in-class facility and we’re honored to have played a role in the financing.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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The Hampshire Companies, LLC, headquartered in Morristown, NJ, is a privately held, fully integrated real estate firm, real estate investment fund manager and Registered Investment Advisor, which has over 65 years of hands-on experience in acquiring, developing, leasing, repositioning, managing, financing and disposing of real estate.

Invesco Real Estate is a global leader in the real estate investment management business with $89.9 billion in real estate assets under management, 577 employees and 21 regional offices across the U.S., Europe and Asia (as of June 30, 2022). Invesco Real Estate was established in 1983 and today invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; http://www.invesco.com.