Newly constructed distribution facility in Ewing refinanced with $14.5M loan
JLL Capital Markets arranged the financing for the fully leased, single-tenant industrial building
MORRISTOWN, N.J., August 15, 2022 – JLL Capital Markets announced today that it has arranged a $14.5 million refinancing for a new, 130,000-square-foot, state-of-the-art, single-tenant warehouse and distribution facility at 400 Airport Corporate Dr. in the Trenton-area community of Ewing, New Jersey.
JLL worked on behalf of the borrower, Herring Properties, to place the 11-year, fixed-rate, non-recourse loan with Nationwide Life Insurance Company.
Delivered in the first quarter of 2022, 400 Airport Corporate Drive is a modern distribution facility that features 40-foot clear heights, 18 dock-high doors, two drive-in doors, 32 trailer parking stalls and ample vehicle parking. The building is fully occupied by Binsky & Snyder, an industry leader in providing world-class mechanical construction services.
400 Airport Corporate Dr. spans a 22.6-acre site within the Trenton/295 Industrial submarket, a growing submarket that provides immediate access to Interstate 295, US Route 1 and the New Jersey Turnpike. This location allows for seamless connectivity throughout the region and facilitates the ability to reach one-third of the U.S. population in 24 hours. The property is also proximate to the Trenton Mercer Airport,30 miles to the Port of Philadelphia and 50 miles to the Port of New York and New Jersey.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Director Max Custer.
“We are thrilled to have assisted Herring Properties in arranging financing for 400 Airport Corporate Dr.,” Custer said. “We were able to lock in an extremely favorable long-term, fixed-interest-rate prior to the property receiving its final CO and before the recent run-up in the treasury market.”
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Herring Properties
Established in 2000 by James Herring, Herring Properties is a development company focused on construction and long-term ownership of properties in New Jersey and Pennsylvania. Herring Properties has developed and acquired a portfolio totaling 1.8 million square feet in industrial, office, and residential space. Through the years Herring Properties has developed/repositioned 870,000 square feet of office, developed 1.2 million square feet of industrial, and received land development approvals for over 210 acres. They identify infill locations that offer redevelopment opportunities through a combination of the land approval process, repositioning of existing structures and new construction.