The loan was arranged for Hampshire by Holliday Fenoglio Fowler, and specifically senior managing director Jon Mikula and associate director Michael Klein of that firm's Florham Park office. The four-year, fixed-rate loan was placed with Principal Global Investors.
"The proceeds of the loan are being used to close on the purchase of the property, and to pay for closing costs and the leasing commissions tied to retenanting the building," Mikula tells GlobeSt.com.
That retenanting recently came in the form of electronics retailer P.C. Richard, which signed a full-building lease this summer. The building had previously been jointly occupied by trucking firm Sea Jet Industries and Millwood Inc., a packaging company, both of which had relocated within the region.
The Hampshire fund acquired the building and its 15.7-acre site from Carteret Ventures LLC, a local group. The sale price was not disclosed, but industry sources put the number in the $20-million range.
The property is located just off Exit 12 of the New Jersey Turnpike, a few miles south of the facilities of the Port of Newark/Elizabeth, and Newark Liberty International Airport.
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