EDISON, NJ–HFF has arranged a $15.5 million financing for the Business Centre at Edison, a 12-building office park totaling 125,981 square feet in Edison, NJ, and 140 Ethel Road West, a 108,875-square-foot industrial building in Piscataway, NJ.
Working on behalf the borrower, Denholtz Associates, HFF placed the seven-year, fixed-rate loan with Investors Bank. Loan proceeds were used to retire existing debt.
The Business Centre at Edison is a class B office park located on 13.66 heavily-landscaped acres at 1090 King Georges Post Road in Edison. It is approximately 25 miles southwest of Manhattan, 50 miles north of Center City Philadelphia and 15 miles south of Newark Liberty Airport. The 12 single-story buildings are currently 96.9 percent leased.
140 Ethel Road West is situated on 6.24 acres in Piscataway, a suburban community off of Interstate 287 in central New Jersey. It is less than five miles west of New Jersey Turnpike (Interstate 95) and less than six miles southwest of the Garden State Parkway. Manhattan is 35 miles away, and the property is 55 miles north of Center City and 15 miles south of Newark Liberty Airport. This building is currently 90 percent leased.
The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula, director Michael Klein and associate director Michael Lachs.
“Both of these properties demonstrate Denholtz Associates' expertise in owning and managing mid-sized buildings that are well occupied by a diverse mix of small tenants,” says Klein. “Investors Bank easily recognized this strength, understood the individual markets and was able to close flawlessly with a short time frame that accommodated the borrower's needs.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
