CBRE has successfully secured a $20 million construction loan from Provident Bank on behalf of New Vernon Equities. The financing will fund the development of 80 Arena Way, a new 100,000-square-foot speculative industrial facility being built on the site of a former office building.
The transaction was arranged by the CBRE Capital Markets team, consisting of Matthew Pizzolato, Josh Stein, and Carlos Silva. Meanwhile, Newmark’s Michael Schipper, Kyle Eaton, and Robert Loderstedt have been retained to oversee leasing for the project.
The project aims to fill a distinct supply gap in Morris County, where tenant demand for flexible, small-bay industrial options has historically outpaced current availability.
“80 Arena Way addresses a clear gap in Morris County, where demand for small-bay, multi-tenant industrial space has outpaced availability,” CBRE’s Matthew Pizzolato said. “By partnering with Provident Bank, we were able to structure a construction loan that supports New Vernon Equities’ vision for a Class A facility with the flexibility to accommodate tenants from 20,000 sq. ft. up.”
Situated on a 17.89-acre site within the Arena campus, the modern Class A facility will offer premium logistics features designed to attract diverse commercial tenants:
- Clear Height: 32 feet
- Loading Capacity: 26 dock-high loading doors and two drive-in doors
- Parking: Space for 196 vehicles
- Flexibility: Subdivisible suites starting at 20,000 square feet, featuring up to 5% office space and optional 20,000-square-foot mezzanines.
ARCO Design/Build is serving as the general contractor for the project, with construction completion and property delivery slated for the first quarter of 2027.
Located just three miles from Interstate 287 (Exit 39A) with close proximity to Interstate 80 and Route 46, 80 Arena Way places tenants within a 90-minute drive of 20.2 million people, granting seamless access to New York City, regional ports, and the wider Northeast Corridor.
According to CBRE market data, Morris County stands as one of New Jersey’s most resilient industrial submarkets. Its approximately 28.8 million square feet of industrial inventory has maintained an average occupancy rate of 98% over the past five years for buildings under 100,000 square feet.
