According to an Aug. 9 announcement, the 80,420-square-foot property at 1 Electronics Drive in Hamilton Township is nearly 73% leased to three tenants.
Situated on 16 acres, the site includes 530 existing parking spaces as well as land for future development. Summit-based Saxum and Meadow intended to reposition and market the remaining space at the property. The work is designed to accommodate the persistent need for shallow-bay industrial and flex users .
The new owners highlighted the convenience of the property for logistics, life sciences and research users, in particular, due to its proximity to both Philadelphia, New York City and Princeton. Additionally, the location is desirable for small bay users due to the area's "unique combination of affluent neighborhoods adjacent to pockets of historically blue-collar residential areas."
“Originally constructed as a manufacturing facility, 1 Electronics Drive represents an excellent opportunity to convert the property back to its historical use at an attractive cost-basis,” said Jeffrey Kaplan, founder and managing partner of Meadow Partners. “We are thrilled to partner with Saxum to capitalize on significant tenant demand in the shallow-bay industrial sector.”
JLL Capital Markets represented the seller, BTR Capital Group, as well as arranged equity and debt financing for the buyer.
Big deal: South Jersey shallow bay portfolio nets nearly $50M in off-market sale
The purchase includes two industrial parks located in Blackwood and Cherry Hill, featuring 10 small-bay buildings and more than 40 tenants. Read more here .[/box]
Saxum and Meadow engaged Edison-based Zimmel Associates as leasing agent for the the site's remaining vacancies.
“Saxum and Meadow recognize the current availability for shallow-bay light industrial users throughout New Jersey remains scarce and view 1 Electronics as the ideal property to capture that demand. We are excited to leverage Saxum’s fully integrated platform to execute this value-add business plan and establish a new partnership with Meadow,” said Steve Feinberg, director of Investments | Industrial.
Middlesex County sale underscores strong fundamentals
JLL Capital Markets recently arranged financing for Warren-based B&D Holdings to facilitate the addition of a six-building industrial campus in Middlesex County.
The team arranged $23.3 million acquisition financing for the borrower via a fixed-rate, five-year loan, JLL announced at the beginning of the month.
Located at 1460 Livingston Ave. in New Brunswick, the six-building Brunswick Industrial Campus sits on approximately 21 acres and spans more than 206,000 square feet. - PROVIDED BY JLL -
Located at 1460 Livingston Ave. in New Brunswick, Brunswick Industrial Campus sits on approximately 21 acres and spans more than 206,000 square feet. It also offers 19-foot to 30-foot clear heights along with 14 dock doors and 15 drive-ins. According to JLL, a variety of tenants and uses call the site home.
The JLL Debt Advisory team was led by Director Max Custer, Managing Director Thomas Didio Jr. and Senior Analyst Benjamin Morgenthal.
“We are proud to have secured acquisition financing for Brunswick Industrial Campus on behalf of B&D Holdings,” Custer said. “With its diverse tenant mix and strong market fundamentals the property is well-positioned for future growth and success.”
Located within the Exit 9 industrial submarket - one of the state's strongest - the location is near transportation thoroughfares. Those include the New Jersey Turnpike, Interstate 287 and Route 1, as well as the Newark Port.
'Moving out of NYC was an easy choice'
Elsewhere in Middlesex County, Bussel Realty Corp. secured a new lease with Like New Products in Piscataway.
Like New Products leased 15,000 square feet at 201 11th St.
The 45,000-square-foot industrial building is near to Routes 22 and 28, I-287 and Exit 10 of the New Jersey Turnpike. The property features:
12-foot-6-inch ceilings
Two tailboards
Three drive-in doors
Wet sprinklers
3,000 amps of power
10 surface parking spaces
BRC Vice President Eric Koon represented the landlord, 256 Pacific Street LLC, and the tenant in the transaction.
"It has been a pleasure to assist Like New Products with their relocation from their former Brooklyn, N.Y., warehouse to their newly renovated headquarters at 201 11th St. in Piscataway , N.J.,” said Koons. “With its strategic location and competitive pricing, moving out of New York City was an easy choice for the company’s business expansion. We look forward to their continued growth and success in their new home."
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