Financing arranged for 113K SF industrial portfolio in Edison, NJ
JLL Capital Markets secured the financing for 375 & 425 Raritan Center Parkway
MORRISTOWN, N.J., Dec. 4, 2024 – JLL Capital Markets announced today it secured financing for a 113,211-square-foot, two building industrial portfolio located at 375 & 425 Raritan Center Parkway in Edison, New Jersey.
JLL worked on behalf of Summit Associates Inc. to secure the 11-year, fixed-rate loan through a correspondent lender.
The properties consist of a 53,950-square-foot building at 375 Raritan Center Parkway built in 1982 and a 59,261-square-foot building at 425 Raritan Center Parkway constructed in 1988. The 100% leased buildings feature clear heights ranging from 21 to 25 feet, ample loading docks and convenient access to major transportation routes.
Located in the highly desirable Exit 10 industrial submarket, the portfolio benefits from its strategic location near the New Jersey Turnpike, Interstate 287 and the Garden State Parkway. The properties are approximately 15 miles from both Newark Liberty International Airport and the Port of New York and New Jersey. The properties are also located within Raritan Center, an approximately 12 million-square-foot industrial park that currently is around 98% occupied.
The JLL Capital Markets team was led by Senior Managing Director Michael Klein and Director Max Custer.
"This financing reflects the continued strength and attractiveness of last-mile industrial assets in Central New Jersey," said Klein. "With the Exit 10 submarket's historically low vacancy rates and rising rents, lenders remain eager to provide capital for quality industrial properties in this prime logistics corridor."
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
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Summit Associates, Inc.
Summit Associates, Inc. is an Edison, New Jersey based full-service real estate development and management company. As one of the garden state’s premier commercial real estate firms, the company has developed and continues to own and manage over 3 million square feet of warehouse/distribution, flex/high-tech, medical and office space situated in choice locations throughout central New Jersey.