Aegon Provides $35M Refi for NJ Retail and Industrial Portfolio

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Aegon Asset Management has provided a $35 million loan to Jos. L. Muscarelle—a New Jersey-based development and investment company—to refinance a 1-million-square-foot retail and industrial portfolio, Commercial Observer has learned.

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The 10-year, fixed rate debt was arranged by Cooper-Horowitz’s Justin Horowitz, Jeff Bijur and Nick Barbato.

Martin Gilligan, a senior director at Aegon, led the deal on behalf of the lender.

The portfolio comprises six assets, including 10999 Air Park Road in Ashland, Va. and 52 Hickory Drive in Auburn, Pa.—both of which are 100 percent leased to FedEx Ground; 2629 North Park Drive in Holland, Mich.—fully leased to Walmart; 4250 East Shelby Drive in Memphis, Tenn.—100 percent leased to Fiat Chrysler; 1560 West Koger Center Boulevard in Richmond, Va.fully occupied by Best Buy.

Founded in 1926, Jos. L. Muscarelle is based in Maywood, N.J. The firm—led by Joseph Muscarelle—develops office, industrial, retail, research and development and hotel properties in New Jersey, Pennsylvania, Florida, and Tennessee.

“It was a pleasure to work with Mr. Muscarelle, a first class owner and operator,” Horowitz told CO.  “Aegon was able to provide a long term loan that will be well supported by Mr. Muscarelle’s legacy assets.”

Officials at Aegon couldn’t immediately be reached for comment.