M id A tlantic Real Estate Journal — New Jersey — December 2024 — 13A
www.marej.com
N ew J ersey
Financing arranged for 113K s/f industrial portfolio in Edison, NJ Klein & Custer of JLL Capital Markets secures the financing for 375 & 425 Raritan Center Park way
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within the SED-10 zone, one of the specialized economic development districts in Par -
DISON, NJ — JLL Capital Markets has secured financing
Jason Lundy . “The industrial market in northern New Jersey has been a strong performer despite the headwinds over the past few years and the quality locations that offer accessibility and labor remain a top choice for developers,” said Duval. “Critical to the success of this transaction was the acumen of the seller, 2 Hil - ton Court LLC, to reposition the asset to the highest and best use, and the buyer to see Parsippany as a strong logistics location,” Avanzato added. MAREJ
sippany. The site offers convenient access to ma - jor thorough - fares such as NJ-10, I-287, NJ-24 and I-80. Fur - thermore, it
for a 113,211 s/f, two building in - dustrial port - folio located at 375 & 425 Raritan Cen - ter Parkway in Edison. JLL worked
Max Custer
Michael Klein
375 & 425 Raritan Center Parkway
is located less than 60 miles from three major interna - tional airports: Newark Lib - erty International Airport, LaGuardia Airport and JFK
on behalf of Summit Asso- ciates Inc. to secure the 11- year, fixed-rate loan through a correspondent lender. The properties consist of a 53,950 s/f building at 375 Rar - itan Center Parkway built in 1982 and a 59,261 s/f building at 425 Raritan Center Park - way constructed in 1988. The 100% leased buildings feature clear heights ranging from 21 to 25 feet, ample loading docks and convenient access to major transportation routes. Located in the highly desir - able Exit 10 industrial sub - market, the portfolio benefits from its strategic location near the New Jersey Turn - pike, Interstate 287 and the Garden State Parkway. The properties are approximately 15 miles from both Newark Liberty International Airport and the Port of New York and New Jersey. The properties are also located within Rari - tan Center, an approximately 12 million-square-foot indus - trial park that currently is around 98% occupied. The JLL Capital Markets team was led by senior man - aging director Michael Klein and director Max Custer . “This financing reflects the continued strength and attrac - tiveness of last-mile industrial assets in Central New Jersey,” said Klein. “With the Exit 10 submarket’s historically low vacancy rates and rising rents, lenders remain eager to provide capital for quality industrial properties in this prime logistics corridor.” In addition, JLL Capital Markets announced the sale of 2 Hilton Court, a 10.41-acre site, which will be redeveloped into a 123,000 s/f warehouse in Parsippany. JLL worked on behalf of the seller, 2 Hilton Court LLC, in the transaction, and Link Lo - gistics acquired the property. 2 Hilton Court is strategical - ly located near the major I-80 and I-287 interchange in afflu - ent and dense Morris County
International Airport. The JLL Investment Sales and Advisory team was led by senior managing directors
Marc Duval and Jose Cruz along with managing director Jordan Avanzato and direc - tors Nicholas Stefans and
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