Taconic Partners has landed $46.6 million of acquisition financing to purchase a New Jersey industrial asset, Commercial Observer has learned.
J.P. Morgan Chase provided the loan on Taconic’s $74.3 million acquisition of a 360,000-square-foot Class B logistics facility at 1735 Jersey Avenue in North Brunswick, N.J., in a deal that closed Monday afternoon. The property was previously acquired for $18.9 million in late 2017 by a private investor as part of an off-market transaction.
JLL (JLL) arranged the financing with a capital markets team led by Evan Pariser and Aaron Niedermayer. The acquisition was brokered by JLL’s investment sales team of Jordan Avanzato, Marc Duval, Nicholas Stefans and Jason Lundy.
Located on 17 acres about six miles west of the New Jersey Turnpike, the fully leased property has anchor tenants that include pallet distributor Kamps and furniture rental company Luxe Living Design. The facility is within the Central Jersey industrial market, which has experienced leasing momentum of late thanks to its access to ports, highways and major cities, according to Taconic.