$8.984M in financing secured for industrial warehouse in upstate New York

BOSTON – October 27, 2022 – JLL Capital Markets announced today that it has arranged $8.984 million in acquisition financing for 136 Fuller Road, a 266,412-square-foot industrial warehouse in Albany, New York.

JLL worked on behalf of the borrower, Vermont-based Redstone, in securing the 10-year, fixed-rate loan through Capital Bank.

“We have been very active acquiring industrial properties in the Capital Region with 4 transactions totaling over 550,000 square feet of space in the last year,” said Redstone Associate Myles Frendel. “The 136 Fuller Road property was a great opportunity for us to build on our recent successes in the region while working alongside our financing partners in JLL and Capital Bank. We are actively seeking additional acquisition and development opportunities with industrial, student housing, hospitality and retail focuses on this market.”

The property is occupied by two tenants. Evergreen (formerly UltrePET) occupies the majority of the space and is one of the nation’s largest plastic (PET) recyclers. The other tenant is MerchNow, LLC (formerly Equal Vision Records), an online music merchandise provider that uses the building for screen printing and a general warehouse. 136 Fuller Road features clear heights of up to 18.5 feet, four drive-in bays, 15 loading docks and 89 surface parking spaces with 30 trailer storage spaces. Additionally, the building contains roughly 10,000 square feet of office build-out.

136 Fuller Road is positioned immediately off exit 2 on Interstate 90 and provides access to the Interstates 87 and 90 interchange. Additionally, the property is within five miles of Albany International Airport and is near the Port of Albany and the Port of Coeymans as well as bus and rail services. As a result, tenants can easily reach domestic and international markets, including New York City, Boston, Montreal and more.

The JLL Capital Markets team representing the borrower was led by Senior Director Amy Lousararian.

“Amidst a challenging interest rate environment, Capital Bank was able to provide favorable terms and ensured execution to close on the acquisition of the property,” said Lousararian.

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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For 30 years, Redstone has developed and managed properties that inspire pride and interaction. More than just spaces to live and work, Redstone believes in the potential of homes, offices and commercial spaces to build stronger communities and better lives. Redstone actively manages over 600 residential units, 900 student housing beds and 2.0 million square feet of commercial property in the Northeast.