$81 million in financing secured for New Jersey distribution center

MORRISTOWN, N.J., Apr. 23, 2024 - JLL Capital Markets announced today that it has arranged $81 million ($360/sf) in financing for 100 Frontage Rd., a newly completed warehouse totalling 224,900 square feet in Newark, New Jersey. This build-to-suit, state-of-the-art distribution center is leased entirely to United Airlines in an irreplaceable location adjacent to Newark Liberty Airport.

JLL represented the borrower, Seagis Property Group LP, to secure the five-year, interest-only loan from the lender, a life insurance company.

Completed on June 1, 2023, this state-of-the-art distribution center features 40-foot clear heights, 41 dock-high doors, 130 car parking spaces and 38 trailer parking spaces on 12.23 acres. The building is 100% leased to United Airlines.

The development of 100 Frontage Road added a critical class A distribution center to Northern New Jersey logistics capabilities and United Airlines' operations. Located just outside the grounds of Newark Liberty International Airport, at the confluence of Interstate 78, U.S. Route 9 and Exit 14 of the New Jersey Turnpike, near key port facilities, few properties in New Jersey can match the property's transportation connectivity.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Jim Cadranell and Gregory Nalbandian and Vice President Michael Lachs.

"JLL is pleased to have secured permanent financing for Seagis on this exceptional industrial property in a challenging capital markets environment. The lender recognized the importance of this asset and provided a seamless closing process," said Cadranell.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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