HFF Secures $14.9M in Financing for Warehouse Facility, Land Site in South Brunswick, New Jersey
Located at 83 Stults Road in South Brunswick, N.J., the industrial asset features a 368,537-square-foot warehouse facility and 16-acre development site.
SOUTH BRUNSWICK, N.J. — HFF has secured $14.9 million in financing for a warehouse distribution building and adjacent 16-acre development site located at 83 Stults Road in South Brunswick. Michael Klein and Eric Tupler of HFF arranged the three-year, floating-rate loan through Malvern Federal Savings Bank for the borrower, a partnership between EverWest Real Estate Partners and Accordia Realty Ventures. Loan proceeds will be used to cover acquisition and closing costs associated with the purchase, pay for planned capital improvements to the property and cover soft costs associated with securing approvals for the development site. The 368,537-square-foot, rail-served warehouse building features 24-foot clear ceiling heights, 23 loading docks, one drive-in dock and 14,745 square feet of office space. The borrower plans to subdivide the property and erect a 200,000-square-foot warehouse on the adjacent land parcel. The existing property is subject to a short-term sale-leaseback with Hermann Services Inc.