JLL Capital Markets secured a $14.5 million refinancing for a 115,084-square-foot multi-tenant industrial facility in Wyckoff, according to a Monday release from the brokerage.
JLL worked on behalf of the borrower, The STRO Companies, to secure the five-year, fixed-rate loan through City National Bank.
Located at 500 W Main Street, the shallow bay property features 21-foot clear heights, six dock doors, nine drive-in doors and 115 parking spaces. The facility is fully leased to 12 tenants across manufacturing, distribution and service industries.
Situated in an advantageous location in Bergen County, the property features strong regional connectivity, infill dynamics, impressive market fundamentals and population density. It sits in close proximity to NJ Route 208, I-287 and NJ Route 17. Additionally, the property is 22 miles from both Newark International Airport and the Port of New York and New Jersey.
“We are thrilled to have completed a successful refinancing with JLL and CNB. This transaction not only underscores the continued demand for multi-tenanted industrial properties in Northern New Jersey but also strengthens our position in the market,” Albert Fitch, managing director at The STRO Companies, said.
The JLL Capital Markets team was led by Senior Managing Director Michael Klein, Senior Director Max Custer and Analyst Christian Badalamenti.
“500 West Main Street presented an excellent refinancing opportunity given its prime infill location, diverse tenant roster and strong sponsorship profile,” Klein added. “We were able to secure attractive terms that will allow the sponsor to capitalize on the property’s mark-to-market potential.”
