Summit Associates Inc. has secured permanent financing for its fully leased, 124,720-square-foot industrial facility at the Raritan Center in Edison.
Summit secured the financing for 111 Fieldcrest Ave. through a loan arranged by JLL Capital Markets with a life insurance company. It’s the third time JLL has arranged financing for the building on behalf of the borrower.
The property is fully leased to Bentley Laboratories, which operates a manufacturing platform for the beauty and personal care industry. Bentley has occupied the building since it was constructed in 2006 and recently exercised its option to renew its lease for another 10 years.
The building sits on a 6.36-acre site within Raritan Center, one of the Northeast’s largest master-planned business parks, spanning about 13 million square feet across more than 100 buildings. It features a 32-foot clear ceiling height, 40-foot column spacing, nine dock-high doors with cutouts for 13 additional loading positions, roughly 117,220 square feet of warehouse space, 7,500 square feet of office space and 111 parking spaces.
The property sits within Edison’s Exit 10 industrial submarket, with access to Interstate 287, the New Jersey Turnpike, Route 440, U.S. Route 1 and the Garden State Parkway, along with proximity to the Port of New York and New Jersey’s Newark-Elizabeth marine terminals, Newark Liberty International Airport, and the Holland and Lincoln tunnels.
The JLL Capital Markets team on the deal was led by Senior Managing Director Michael Klein, Senior Director Max Custer and Analyst Kevin Badger.
“The Exit 10 submarket and more specifically the Raritan Center Business park remains one of the most sought-after industrial submarkets in the state as demonstrated by its current 95% and historical 97% occupancy rate making it an easy sell to potential lenders,” Klein said. “The borrower and lender have a long-standing relationship and with the tenant’s recent long-term lease extension the life insurance company was able to provide aggressive deal terms that best met SAI’s needs for this transaction.”
Summit Associates is an Edison-based real estate development and management company that owns and manages more than 3 million square feet of warehouse, distribution, flex, medical and office space across central New Jersey.
