While located just across the state line in Westchester, the successful $19.5 million refinancing of a critical distribution center at 1 Half Moon Bay Drive marks a significant move for the interconnected New Jersey-New York logistics web.
The joint venture of Monday Properties and KPR Centers announced the refinancing of the 118,911-square-foot facility, a deal orchestrated by JLL Capital Markets through the Stamford-based Webster Bank. For New Jersey-based logistics operators and supply chain managers, the stability of this Westchester hub is vital for the “last-mile” delivery circuit that feeds the entire Tri-State area.
The facility is 100% leased through January 2032 to U.S. Venture, a major national distributor of tires, petroleum and lubricants. As New Jersey’s own industrial markets—from the Port Newark area to the Turnpike corridor—reach record-low vacancy rates, high-performing satellite facilities like this one become essential overflow and distribution points for goods moving into the New York metro market.
Originally purpose-built in 1995, the site features:
- 29-foot clear heights
- 10 dock doors and two drive-in doors
- Direct access to U.S. Route 9
The strategic value of 1 Half Moon Bay Drive lies in its connectivity. From this location, transport fleets have immediate access to I-287, the primary bypass that links Westchester directly to the New Jersey Turnpike (I-95) and the Garden State Parkway.
“The property exemplifies the type of asset we seek—well-located with a committed tenant and durable cash flow,” Adam Carr, Chief Investment Officer at Monday Properties said.
The financing highlights a robust appetite among regional lenders for “recession-resistant” industrial assets. JLL Managing Director Jillian Mariutti, who led the debt advisory team, noted that institutional lenders were drawn to the facility’s role in a supply-constrained market.
“Lenders were particularly attracted to the continued strength of the market, which benefits from limited new supply and sustained demand for last-mile distribution,” Mariutti said.
By securing this $19.5 million loan, Monday Properties and KPR Centers ensure that this critical piece of the Tri-State infrastructure remains a stable, high-performing asset, supporting the flow of goods across the Hudson and into the bustling commercial corridors of Northern New Jersey.
“Banks, life companies, and other institutional lenders were particularly attracted to the combination of durable cash flow, high-quality sponsorship, and the continued strength of the Westchester industrial market,” Mariutti said.
The financing powerhouse
The deal represents a seamless execution between major regional players:
- Borrower: Joint venture of Monday Properties and KPR Centers.
- Lender: Webster Bank, N.A. (led by Michael Savarese).
- Advisory: JLL Capital Markets (led by Jillian Mariutti).
Andrew Frank, Chief Operating Officer at KPR Centers, commended the teams on the “terrific execution,” highlighting the stability of the asset within their portfolio. As industrial vacancies remain low across the Hudson Valley, this refinancing solidifies the long-term viability of one of Westchester’s most critical logistics points.
