BRIDGEWATER, NJ—Denholtz Associates has secured a five-year, $9.2 million refinancing from Provident Bank on its 11 building, 264,163-square-foot flex-industrial property on Chimney Rock Road and Kearney Street in Bridgewater and Bound Brook, NJ. Paul Barrood, commercial real estate relationship manager for Provident Bank, secured the financing for Denholtz.
Located in the heart of Somerset County, the Bridgewater Business Park boasts 16 flex-industrial buildings totaling 380,000 square feet. Denholtz Associates owns 11 buildings totaling 264,163 square feet of space at 7W-10W Chimney Rock Road and 24E-30E Kearney Street. The properties offer flexible accommodations for a variety of tenants including Zoned, a baseball training center, The Airsoft Factory and Bridgewater Marble, one of New Jersey's largest stone fabricators and distributors.
The refinancing will enable Denholtz to complete an extensive renovation plan throughout the portfolio that includes replacing all parking areas and roofs, as well as facade repairs to each building. Earlier this year, Denholtz completed the first phase of the renovation plan by replacing all parking surfaces and areas. The remainder of renovations is expected to be completed by Spring 2018.
“As a New Jersey-based company, we have consistently sought to build long-term relationships with local financial partners, who like us, boast a deep understanding of the local commercial real estate markets,” says Stephen Cassidy, president of Denholtz Associates. “As interest rates continue to hover around historically low levels, we knew that this was the best time to refinance and that Provident Bank was the best equipped financial partner to work with to accomplish that. The refinancing will enable us to make long-term investments into this portfolio to position the asset for continued high occupancy well into the future.”
The Bridgewater Business Park is located just off Route 22 in a high traffic area at the convergence of Routes 202 and 206, Interstates 78 and 287. The area is also convenient to the Garden State Parkway and New Jersey Turnpike. Nearby attractions include the Bridgewater Commons Mall, outstanding dining choices, banks, hotels, conference centers and the under-construction Chimney Rock Shopping Center.
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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].
