Granite Point Lends $42M on Taconic’s New Jersey Industrial Buy
Taconic Partners has landed $42.4 million of acquisition financing for the purchase of a New Jersey warehouse and distribution facility, Commercial Observer has learned. The purchase marks the firm’s first foray into the industrial market,
Granite Point Mortgage Trust provided the loan for Taconic’s 1 Cory Road property in Morristown, N.J.,which it acquired in December 2021 as part of a joint venture with Nuveen Real Estate for $55 million from The Opper Group. The debt package will fund acquisition of and future capital costs of the property.
Cushman & Wakefield arranged the transaction with a team led by John Alascio, Chuck Kohaut, TJ Sullivan and John Spreitze.
“We look forward to executing our vision for this property,” David Milch, vice president of acquisitions at Taconic Partners, said in a statement. “This acquisition is a valuable addition to Taconic’s portfolio and establishes our stake in the industrial sector.”
Manhattan-based Taconic is planning more industrial acquisitions as more deals become available given the recent expansion of the asset class. The developer noted that the New Jersey industrial market recorded its all-time, all-time strongest year in 2021 with 450 transactions totalling over 45 million square feet of leased space.
The 1 Cory Road asset includes a 296,000-square-foot warehouse situated on a 17-acre site that features a 450-kilowatt solar panel system located on the roof. The property is 100-percent leased to a variety of third-party logistics companies.
“As a lender, we like the warehouse/industrial profile of the property, the property’s desirable location in Morristown, N.J. and we were attracted to working with the high-quality sponsorship,” Peter Morral, co-head of originations and chief development officer at GPMT, said in a statement.
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