JLL Capital Markets on Wednesday said it arranged refinancing for two fully leased industrial properties in Lincoln Park, totaling 143,265 square feet and owned by The Frassetto Companies.
JLL worked on behalf of the borrower, The Frassetto Companies, to secure a 10-year, fixed-rate loan.
Located at 600 Ryerson Road and 6 Frassetto Way, the properties, constructed by the sponsor in 1985, are both 100% leased to a diverse roster of 10 tenants.
600 Ryerson Road is a 105,242-square-foot multi-tenant facility situated on 9.64 acres featuring 22-foot clear heights, 16 exterior dock-high doors and 184 parking spaces. 6 Frassetto Way comprises 38,023 square feet on 3.42 acres with 22-foot clear heights, five dock-high doors, one drive-in door and 66 parking spaces.
Strategically located in the Eastern Morris County Industrial Submarket, the properties benefit from excellent access to Route 202, Route 46, Interstate 80 and Interstate 287, as well as proximity to Newark Liberty International Airport and the Port of New York and New Jersey.
The JLL Capital Markets team was led by Senior Managing Director Michael Klein, Director Ryan Carroll and Analyst Tyler Caricato.
“This financing opportunity presented a chance to secure funding for a best-in-class sponsor on two fully leased industrial assets in a strong Northern New Jersey submarket,” Klein said. “The lending community expressed a lot of interest in this opportunity given its multi-tenancy, relatively long WALT and tenure of many of the tenants at the property.”
