Financing secured for industrial warehouse in Mount Olive, NJ

MORRISTOWN, N.J., Sept. 12, 2024 –  JLL Capital Markets announced today it secured $9 million in permanent financing for 700 Bartley Chester Road, a 160,999-square-foot industrial warehouse building in Mount Olive, New Jersey.

JLL worked on behalf of Commercial Realty Group to secure the ten-year, fixed-rate loan through life company correspondent, TruStage.

Built in 1982, the building offers ceiling heights ranging from 19.1 feet to 21.9 feet, spacious column spacing of 50 feet by 50 feet, 112 surface parking spaces, 30 trailer parking spaces, 11 tailboard loading docks and three drive-in doors.

The property is fully leased to Uncommon Logistics, a technology-driven logistics and transport management company, which has been a tenant at the property since 2002 and recently renewed its lease. Notably, the building's designation as a Foreign Trade Zone emphasizes both the tenant's reliability and the strategic advantage of their continued tenancy with the International Trade Center located only 5.7 miles away in Mount Olive.

The location of 700 Bartley Chester Road in Mount Olive offers several advantages for the tenant. Situated in the suburban upper-middle-class community of Morris County, this property benefits from its central position in Northern New Jersey. Additionally, located along Route 206, its access to Interstates 80, 78 and 287 has made the town a heavily demanded location for industrial users for decades. The property is also within 25 miles of both Newark Liberty International Airport and the Port of New York and New Jersey.

The JLL Debt Advisory team was led by Senior Managing Director Gregory Nalbandian and Senior Analyst Benjamin Morgenthal.

“We are thrilled to have secured ten-year, non-recourse, permanent financing at a very attractive interest rate for our client’s strategic long-term asset,” said Nalbandian. “The property's exceptional features, strategic location and designation as a Foreign Trade Zone made it an attractive investment opportunity with TruStage stepping up and delivering an exceptional loan meeting all of the client’s objectives.”

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.

For more news, videos and research resources, please visit JLL’s newsroom.

Commercial Realty Group (CRG-Realty.com), based in Parsippany, is an active, full service commercial real estate firm founded in 1983 that owns and manages 2,250,000 sf of light industrial, office and medical office space in northern New Jersey.  CRG is led by Andrew H. Billing and Harry A. Seidman.

TruStage is a financially strong insurance, investment and technology provider, built on the philosophy of people helping people. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. With a culture rooted and focused on creating a more equitable society and financial system, we are deeply committed to giving back to our communities to improve the lives of those we serve. For more information, visit trustage.com.