Refinancing arranged for two light industrial buildings in Tinton Falls, NJ

JLL Capital Markets announced today that it has arranged a refinancing for 150 and 151 Tornillo Way, two light industrial buildings totaling 50,923 square feet in Tinton Falls, New Jersey.

JLL worked on behalf of the borrower, Denholtz Properties, to underwrite the five and seven year fixed rate loans through Spencer Savings Bank.

150 and 151 Tornillo Way are new single-story Class A light industrial buildings located in a business park just south of the Garden State Parkway and Route 18. The buildings are among the largest light industrial buildings in the high quality from Monmouth County. 150 Tornillo Way is 26,400 square feet with 11 entry doors, 24-foot clear ceiling heights, and 116 parking spaces. The building is 100% leased to five regional and local tenants. 151 Tornillo Way is 24,523 square feet and includes four dock-height gates, an entry gate, 24-foot clear ceiling heights, and 91 parking spaces. The building is fully leased to WorldPac, a major distributor of foreign auto parts.

The properties are located less than a mile from the Garden State Parkway and Route 18 and 2.5 miles from Route 35, which provides access to the entire area. Located in Tinton Falls Township, the assets are 35 miles southwest of Manhattan and 63 miles east of Philadelphia. In addition, the buildings benefit from the strong demography of the sector with an average income per household of $122,637 and a population in 2021 of 18,591 residents with 8,731 households.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Vice Chairman Michael Lachs.

“The properties are located in the central part of Monmouth County, a market that is rapidly emerging as a key industrial market in central New Jersey,” Lachs said. “Denholtz Properties has developed two high quality buildings perfectly positioned for this market. Spencer Savings Bank provided exceptional loan terms on the properties given the strength of the assets and Denholtz Properties’ experience as industrial developers.

JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advice, debt advice, equity advice or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

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