Holliday Fenoglio Fowler, L.P. (HFF) announces the $36.72 million permanent financing for a newly constructed, two-building industrial facility totaling 240,317 square feet at One County Road in the New York Metro-area community of Secaucus, New Jersey.
The HFF team worked on behalf of the borrower, Bhasin Properties, to place the 15-year, fixed-rate loan with Allianz Real Estate of America. Loan proceeds will be used to take out an existing construction loan, which was also arranged by HFF.
Completed in 2018, One County Road features 32-foot clear heights, 56 tailboard doors with capacity to accommodate an additional 28, 180-foot truck courts and 50-foot by 35-foot column spacing. Spaces in the building can be divided into units as small as 3,690 square feet. Situated on 20 acres, One County Road is in the Meadowlands Industrial market at the intersection of Route 3 and the New Jersey Turnpike (Interstate 95) at Exit 15 of the turnpike. This location provides easy access to New York City via either the Lincoln or Holland Tunnels and is less than 13 miles from Newark Liberty International Airport and Port Newark-Elizabeth.
The HFF debt placement team representing the borrower included senior managing director Jon Mikula.
“One County Road is an example of the tremendous demand for industrial space in the Meadowlands,” Mikula said. “Over the course of the lease-up, rents grew almost 30 percent.”
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
About Bhasin Properties
Bhasin Properties specializes in the development and leasing of master planned state of the art office and warehouse buildings in the prime Secaucus area. Learn more at bhasinproperties.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
