JLL completes the sale of 1 Electronics Drive in Hamilton, NJ

MORRISTOWN, N.J., Sept. 3, 2024 – JLL Capital Markets announced today the sale, joint venture acquisition equity and debt placement for 1 Electronics Drive, a 16-acre flex/industrial property located in Hamilton, Mercer County, New Jersey.

Acting on behalf of the seller BTR Capital Group, JLL Capital Markets facilitated the sale to Saxum Real Estate Partners. Additionally, working on behalf of the new owner, JLL secured joint venture equity from Meadow Partners along with acquisition financing from Prime Finance.

Powered by the collaborative nature of the platform, JLL’s Tom Romano, Managing Director, initiated the relationship as the leasing agent for BTR Capital Group and assembled a best-in-class real estate investment advisory team including Senior Managing Directors Jeremy Neuer, Marc Duval and Jose Cruz, Managing Director Jordan Avanzato, Directors Jason Lundy and Nick Stefans, and Associate Conor Walsh to collaborate on the sale.

Duval and Lundy also secured the joint venture equity on behalf of the buyer while Senior Managing Director Michael Klein and Managing Director Tom Didio, Jr., secured the debt.

“JLL is committed to putting the full power of the platform to use for our clients,” commented Duval. “This was a joint effort across four teams in two different offices who have embraced the change and growth within our industry.”

“Saxum and Meadow Partner’s reputation and business plan for the asset drew significant interest from lenders. We are happy to have secured acquisition financing that best met the sponsorship’s needs,” added Klein.

The low coverage property sits on 16-acre lot, featuring an existing 80,000-square-foot building, which is 72% leased, and 530 surface parking spaces. The property’s location and layout provides flexibility for future utilization.

“As developable land becomes increasingly scarce in the highly sought-after Central New Jersey industrial market, 1 Electronics Drive is perfectly positioned to cater to the growing demand for prime locations with strong leasing fundamentals,” said Lundy. “Additionally, we’re looking forward to seeing the new venture execute their business plan and capitalize on the region's high demand for multi-tenanted, shallow bay industrial space.”

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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Saxum Real Estate is a national vertically-integrated real estate investment and development firm. Saxum’s portfolio extends a variety of asset classes with capitalizations surpassing $2 billion and includes over 2.5MM SF of ground-up cold storage development, 1,400 multifamily rental units, 4,000 student housing beds, and over 1MM of other assets. Our development pipeline totals well over $1 billion in capitalization across multifamily, student housing, cold storage and industrial investments ranging from value-add to ground-up development. www.saxumre.com

Based in New York and London, Meadow Partners is a $6.2 billion vertically integrated real estate investment manager specializing in global middle-market transactions. Since inception in 2009, Meadow has leveraged its unique platform to execute on investment opportunities across multifamily, office, industrial and retail investment on behalf of institutional investors globally. Meadow currently manages a series of commingled opportunistic funds, a perpetual life vehicle, and two core/core-plus separately managed accounts. For more information, please visit www.meadowpartners.com.

Prime Finance is a private commercial real estate (“CRE”) finance company formed in 2008 with discretionary capital to directly originate mortgage, mezzanine and preferred equity financing across the U.S. and acquire performing, sub-performing and distressed debt, as well as subordinate CMBS bonds. Prime Finance has CRE origination capabilities that are supported by an origination platform with a national footprint and maintains its own origination and loan asset management/servicing teams, which allows it to control the assets and monitor credit quality. Prime Finance has originated/acquired and serviced approximately $23.5 billion of CRE loans since inception and as of March 31, 2024, has more than $8.7 billion of short duration assets and callable capital.