Bhasin Properties secured $36.72m in permanent financing for a newly constructed, two-building industrial facility. The 240,317 sq ft property is located at One County Road in the New York Metro-area community of Secaucus, New Jersey. Holliday Fenoglio Fowler (HFF) worked on behalf of the borrower to place the 15-year, fixed-rate loan with Allianz Real Estate of America. Loan proceeds will be used to take out an existing construction loan.
Completed in 2018, One County Road features 32-foot clear heights, 56 tailboard doors with capacity to accommodate an additional 28, 180-foot truck courts and 50-foot by 35-foot column spacing. The location provides easy access to New York City via either the Lincoln or Holland tunnels and is less than 13 miles from Newark Liberty International Airport and Port Newark-Elizabeth. “One County Road is an example of the tremendous demand for industrial space in the Meadowlands,” said Jon Mikula, senior managing director at HFF. “Over the course of the lease-up, rents grew almost 30 percent.”
