Holliday Fenoglio Fowler, L.P. (HFF) announced the $8.8 million refinancing of 4 Industrial Way West, a 79,258-square-foot office building in Eatontown. The HFF team worked on behalf of the borrower, The Donato Group, to secure the seven-year, fixed-rate loan through First Bank.
4 Industrial Way West is located within the Eatontown Business Park in Monmouth County, approximately three miles from the Garden State Parkway, two miles from Route 18 and 10 miles from Route 195. The area is also accessible from Route 35, located one mile east of the property and is two miles south of its intersection with Route 36. Route 35 and Route 36 are the main commercially developed arteries in the area and are improved with numerous national retailers and eateries. These two highways provide access to New Jersey’s extensive highway network linking the property to all of New Jersey and the East Coast cities of Philadelphia and New York.
The three-story property is 98 percent leased to nine tenants in a variety of industries ranging from technology to medical practice. Prominent tenants include Wayside Technology Group, Inc.; Clinilabs Inc.; Polaris Alpha and The Memory Enhancement Center of America. The borrower, who originally developed the property in 1988 and has owned and operated it ever since, owns approximately 1.1 million square feet in the market, which includes a mix of office, light industrial and medical buildings.
The HFF debt placement team representing the borrower included managing director Michael Klein. First Bank was represented by Terrance R. Howard, senior vice president – market executive in First Bank’s commercial lending group.
“HFF is pleased to have placed another loan on behalf of The Donato Group within the Eatontown Business Park,” Klein said. “Given the quality and high occupancy of the building and the borrower’s long-term experience in the market there was significant interest in the deal from local and regional banks. First Bank was a great fit for The Donato Group and performed flawlessly on its execution of the closing.”
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