JLL Capital Markets arranged construction financing for the two-building warehouse and distribution center in Bogota and Ridgefield Park
News release
06 April 2023
$34.5M financing secured for industrial development in Northeast New Jersey
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MORRISTOWN, N.J., Apr. 6, 2023 – JLL Capital Markets announced today that it has arranged $34.5 million in construction financing for the development of 30 Cross Street, a two-building warehouse and distribution center totaling 187,530 square feet in Bogota and Ridgefield Park, New Jersey.
JLL represented the borrower, a joint venture between Invesco Real Estate, a global real estate investment manager, and The Hampshire Companies, to secure the three-year, floating-rate loan with extension options through Texas Capital Bank.
Upon completion, the property will be comprised of two buildings totaling 187,530 square feet that feature 36-foot clear ceilings, 52 by 50-foot column spacing, 21 dock-high doors and 268 automobile parking spaces.
The 11.71-acre site offers unparalleled access to New York City via the George Washington Bridge, and has exceptional access to major Northern New Jersey thoroughfares, including the New Jersey Turnpike and Interstates 78 and 80. Newark Liberty International Airport and the Port of New York and New Jersey are nearby as well. This access to major transportation infrastructure will allow future tenants to reach 72% of the U.S. population within a 24-hour drive.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Klein, John Rose and Jon Mikula and Associate Ryan Carroll.
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.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment and development firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at www.hampshirere.com.
To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow the company on Facebook, Twitter, and LinkedIn.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $89.3 billion in real estate assets under management, 587 employees and 21 regional offices across the U.S., Europe and Asia (as of September 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/realestate.