JLL Capital Markets on Monday announced it arranged $65.4 million in financing for the newly completed Passaic Logistics Center, a state-of-the-art industrial facility in Northern New Jersey.
The financing, secured as a bridge loan through TPG Real Estate Credit, will support the 295,506-square-foot Class A property located at 122 8th St. in Passaic. JLL represented the borrower, a joint venture between PCCP, LLC and Stonemont Financial Group.
State-of-the-art Meadowlands facility
Completed in the fourth quarter of 2024, the Passaic Logistics Center is designed to meet the rigorous demands of modern logistics and distribution. The facility boasts features that are highly coveted in the industrial market:
- 40-foot clear heights
- 40 dock-high doors
- 55 trailer stalls
- A 130-foot truck court
The property sits on a 17.7-acre site and was developed with the flexibility to accommodate either a single user or multiple tenants during its lease-up phase.
Strategic Northern New Jersey location
The logistics center benefits from a prime location within the competitive Meadowlands submarket, providing essential connectivity for regional distribution.
The facility is strategically positioned just seven miles from the New Jersey Turnpike and only 12 miles from New York City. This access provides tenants with seamless routes to major regional transportation arteries, including Interstate 78 and Interstate 80, enabling crucial same-day or next-day delivery capabilities to all major metropolitan areas across Northern New Jersey, New York City, and Long Island.
JLL Capital Markets, a full-service global provider of capital solutions, executed the debt advisory on behalf of the joint venture, underscoring the continued institutional investor interest in high-quality, well-located industrial assets in the New York Metropolitan area.
