Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $7 million in acquisition financing for 1501-1525 West Blancke Street, a 115,913-square-foot warehouse/distribution building fully leased to two tenants in Linden, Union County.
HFF worked on behalf of the borrower, Penwood Real Estate Investment Management, LLC, to place the five-year, fixed-rate loan with First Bank New Jersey. Loan proceeds will be used to purchase the building and fund immediate and future capital expenditures, tenant improvements and leasing commissions.
1501-1525 West Blancke Street is a single-story building fully leased to Vantage Specialty Chemicals and HelloFresh. The facility features 18’ to 22’ ceiling heights, 16 dock bays and two drive-in bays. Situated on 4.5 acres in Union County, 1501-1525 West Blancke Street is serviced by northern New Jersey’s extensive highway network, including New Jersey Route 1/9 (one mile northeast), the Garden State Parkway (1.8 miles west) and the New Jersey Turnpike (2.25 miles east). The property is located less than 10 miles from Newark Liberty International Airport and approximately 21 miles from New York City.
The HFF debt placement team representing the borrower was led by managing director Michael Klein.
“First Bank quickly understood the value-add potential that the building provided and, based on Penwood’s historical track record with similar assets and the strength of the Northern New Jersey industrial market, was confident that the borrower would be able to execute its business plan,” stated Klein.Related Articles: