Cushman & Wakefield on Wednesday said it helped facilitate $33 million in financing for a construction loan to Faropoint and Deugen Development for the Joyce Kilmer Logistics Center in New Brunswick.
The loan was provided by Bank Hapoalim. Completion on the two-building facility is slated for late 2026.
Cushman & Wakefield’s Brad Domenico, Frank Stanislaski, and Jack Subers, represented the borrowers.
Located at 701 Joyce Kilmer Avenue, the project is in New Jersey’s Exit 9 industrial corridor, one of the most vibrant logistics hubs in the Northeast. The site’s proximity to the New Jersey Turnpike (I-95), Route 1, and its accessibility to major consumer markets like New York City and Philadelphia make it a prime location for e-commerce and logistics operators.
“The Exit 9 industrial corridor has become a gateway for commerce in the northeast and has benefitted from a rapid surge in demand for modern industrial facilities, driven by e-commerce growth and supply chain optimization,” Domenico said. “This deal highlights the growing investor confidence in this particular industrial market, which touts location as its most attractive attribute for investors and tenants alike.”
“We are fortunate to have partners like Deugen Development, BHI Bank, and the City of New Brunswick on this exciting project,” Itay Ron, Northeast managing firector at Faropoint said. “Our ability to develop small-to-medium-sized industrial assets in markets where strong demand exists fits well with our investing philosophy and allows us to diversify our product offering to existing and prospective tenants.”
Orry Michael, Vice President of Northeast Acquisitions at Faropoint, added “There is limited supply of new Class A product with suites under 100,000 square feet in this Exit 9 micro-location. Joyce Kilmer Logistics Center stands out with the flexibility to demise into 40,000-to-50,000-square-foot suites, catering to rising demand from mid-sized users seeking modern functionality in one of the Northeast’s most strategic industrial corridors. We’re proud to partner with Deugen Development, a long-standing relationship with a team that brings four generations of New Jersey construction expertise and deep local knowledge to this project.”
The Class A development will deliver a total of 195,421 square feet with advanced logistics functionality, such as 36-foot ceilings, 32 loading docks, and electric vehicle parking spaces. Each building also incorporates modern office spaces to cater to versatile business needs.
