JLL Capital Markets announced on Tuesday that it has arranged $22.8 million in financing for 1800 Route 34, a four building 189,836-square-foot, multi-tenant light industrial property in Wall.
JLL worked on behalf of the borrower, The Donato Group, to secure the 10 year, fixed-rate loan through Grant Street Funding.
Built between 2001-2006, the property consists of four buildings situated on 11.06 acres. The versatile industrial/flex campus features 16-foot clear heights, five dock-high doors, two drive-in doors and ample parking with 1,140 spaces. The property is fully leased to a diverse roster of tenants across industries including engineering, construction, healthcare and manufacturing, among others.
Located in Monmouth County, the property benefits from its strategic position between New York City and Philadelphia, providing tenants with access to the East Coast’s largest population centers. The asset also offers excellent connectivity to major thoroughfares including the Garden State Pkwy, I-195, Rte-34, Rte-18 and Rte-33.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein, Senior Director Max Custer, Director Ryan Carroll and Analyst Christian Badalamenti.
“1800 Route 34 presented a tremendous opportunity to lend to a best-in-class sponsor on a fully leased light industrial property in one of the strongest industrial locations in Monmouth County,” Klein said. “The property’s diverse tenant mix, strategic location and The Donato Group’s long-term ownership have positioned it well to benefit from the robust demand we are seeing in this submarket,” Custer added.
