Acquisition financing has been secured for Millstone 8 Logistics Park, a fully leased Class A industrial asset located at 505 Route 33 in Millstone, according to JLL Capital Markets’ office in Morristown.
BGO will purchase the asset from Crow Holdings Development.
Millstone 8 Logistics Park was built in 2022 and includes 40-foot clear heights, 170 loading doors, cross-dock loading capabilities, and parking for 458 cars and 273 trailers.
The facility is fully leased to a U.S.-based third-party logistics provider, Logistics Plus.
Millstone is midway between New York City and Philadelphia, offering connectivity to more than 130 million consumers within one day’s drive.
The Exit 8/8A industrial submarket maintains a 5.4% vacancy rate and has seen strong rental growth of 12.4% year-over-year since 2018.
Additionally, the property is less than a 10-minute drive from Exit 8 off Interstate 95, providing access to major highways including Interstate 295, Interstate 78, and Interstate 287, as well as proximity to Newark Liberty International Airport and the Port of New York and New Jersey.
There are more than 300,000 residents within a 10-mile radius with an average household income of $180,000.
JLL Capital Markets represented the borrower, BGO, in securing the loan through Northwestern Mutual.
JLL’s Debt Advisory team, representing the borrower, was led by Senior Managing Directors Jim Cadranell and Jon Mikula, Associate John Cumming and Analyst Caleb Henry.
