{"id":1004511421,"date":"2021-02-19T08:07:33","date_gmt":"2021-02-19T16:07:33","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004511421"},"modified":"2021-05-15T10:07:46","modified_gmt":"2021-05-15T18:07:46","slug":"new-jersey-spec-warehouse-lands-construction-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/","title":{"rendered":"New Jersey Spec Warehouse Lands Construction Loan"},"content":{"rendered":"<div id=\"attachment_1004511427\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/130-Commerce-Center-Aerial-Email.jpg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004511427\" loading=\"lazy\" class=\"wp-image-1004511427 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/130-Commerce-Center-Aerial-Email-e1613734238168.jpg\" alt=\"\" width=\"300\" height=\"225\"><\/a><p id=\"caption-attachment-1004511427\" class=\"wp-caption-text\">130 Commerce Center. <em>Image courtesy of JLL<\/em><\/p><\/div>\n<p>Penwood Real Estate Investment Management, along with partner Metrix Real Estate Services, received $12.7 million in construction financing for their upcoming 130 Commerce Center in Hamilton Township, N.J. The 171,000-square-foot Class A warehouse and distribution facility will add new product to the Trenton submarket.<\/p>\n<p>A money center bank provided the three-year, floating-rate, non-recourse note. The JLL Capital Markets team arranging the loan for the developers included Senior Managing Director Michael Klein and Director Max Custer.<\/p>\n<p>Located at 537 Route 130, the nearly 20-acre lot is between interstates 195 and 95 (New Jersey Turnpike). The speculative project is targeting logistics and e-commerce companies as prospective tenants and is set for completion in the third quarter of 2021. The property will offer 36-foot clear heights, 40 loading docks, deep speed bays and 50 trailer parking stalls, as well as a large parking lot.<\/p>\n<p>Roughly a year ago, the same developer duo teamed up with JLL to secure a $16.8 million construction loan for a similar speculative development located 10 miles north of the 130 Commerce Center project, in Lawrence Township, N.J. The 340,000-square-foot building was Metrix\u2019s first development project, according to Klein.&nbsp;&nbsp;<\/p>\n<h2>Industrial takes over retail<\/h2>\n<p>The new structure will replace Shoppes at Hamilton, a retail center that operated at the location for more than a decade, according to <em>Community News Service<\/em>. Two pads part of the previous center facing Route 130 will continue to house a bank and a restaurant.<\/p>\n<p>The property, which is already zoned for industrial use, is across the street from a FedEx-leased, 340,000-square-foot warehouse purchased by Monmouth Real Estate Investment in 2018 for $85 million, according to CommercialEdge data.<\/p>\n<p>Last December, Cohen Asset Management Inc. picked up&nbsp;a <a href=\"https:\/\/www.commercialsearch.com\/news\/cohen-asset-management-buys-new-jersey-warehouse\/\">145,950-square-foot bulk warehouse\/distribution property<\/a> positioned 2 miles north of the upcoming&nbsp;130 Commerce Center.&nbsp;<\/p>\n<h2>New Jersey Industrial Stays Healthy<\/h2>\n<p>The industrial sector has recorded growth throughout 2020 across all of the country&#8217;s main markets, according to a recent report by CommercialEdge. The average national rate was up 4.8 percent year-over-year, reaching $6.38 per square foot. As of December, New Jersey&#8217;s industrial vacancy rate clocked in at a tight 3.6 percent, below the 6.2 percent U.S. average.&nbsp;<\/p>\n<p>Last year closed with 228.4 million square feet of industrial space delivered across the country, a record for the century. While most of these projects were planned before the pandemic hit, consistent rent growth doubled by steady demand reflect the sector&#8217;s continued healthy prospects.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Class A industrial building in Hamilton Township will replace a retail center.<\/p>\n","protected":false},"author":739,"featured_media":1004517763,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21748,1600,21742,10],"tags":[44006,34062,38755],"class_list":["post-1004511421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-industrial","category-new-york","category-latest","category-northeast","tag-jll-capital-markets","tag-michael-klein","tag-penwood-real-estate-investment-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Jersey Spec Warehouse Lands Construction Loan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Jersey Spec Warehouse Lands Construction Loan\" \/>\n<meta property=\"og:description\" content=\"The Class A industrial building in Hamilton Township will replace a retail center.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-19T16:07:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:07:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/130-Commerce-Center-Aerial-Email.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"724\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/\",\"name\":\"New Jersey Spec Warehouse Lands Construction Loan - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/130-Commerce-Center-Aerial-Email.jpg\",\"datePublished\":\"2021-02-19T16:07:33+00:00\",\"dateModified\":\"2021-05-15T18:07:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/130-Commerce-Center-Aerial-Email.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/130-Commerce-Center-Aerial-Email.jpg\",\"width\":1000,\"height\":724},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New Jersey Spec Warehouse Lands Construction Loan\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004\",\"name\":\"Beata Lorincz\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96\",\"caption\":\"Beata Lorincz\"},\"description\":\"With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. Her current work centers around architecture and design, the student housing sector and data-driven updates on the office market.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/beata-lorincz\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"New Jersey Spec Warehouse Lands Construction Loan - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/","og_locale":"en_US","og_type":"article","og_title":"New Jersey Spec Warehouse Lands Construction Loan","og_description":"The Class A industrial building in Hamilton Township will replace a retail center.","og_url":"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2021-02-19T16:07:33+00:00","article_modified_time":"2021-05-15T18:07:46+00:00","og_image":[{"width":1000,"height":724,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/130-Commerce-Center-Aerial-Email.jpg","type":"image\/jpeg"}],"author":"Beata Lorincz","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/","url":"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/","name":"New Jersey Spec Warehouse Lands Construction Loan - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/130-Commerce-Center-Aerial-Email.jpg","datePublished":"2021-02-19T16:07:33+00:00","dateModified":"2021-05-15T18:07:46+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/130-Commerce-Center-Aerial-Email.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/130-Commerce-Center-Aerial-Email.jpg","width":1000,"height":724},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/new-jersey-spec-warehouse-lands-construction-loan\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"New Jersey Spec Warehouse Lands Construction Loan"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004","name":"Beata Lorincz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","caption":"Beata Lorincz"},"description":"With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. Her current work centers around architecture and design, the student housing sector and data-driven updates on the office market.","url":"https:\/\/www.commercialsearch.com\/news\/author\/beata-lorincz\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/130-Commerce-Center-Aerial-Email.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004511421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/739"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004511421"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004511421\/revisions"}],"predecessor-version":[{"id":1004534244,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004511421\/revisions\/1004534244"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004517763"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004511421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004511421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004511421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}