PGIM Real Estate Supplies $64M Acquisition Loan for NJ Industrial Park
By Andrew Coen August 26, 2024 12:52 pm
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Longpoint Partners has secured $63.5 million of acquisition financing to purchase a flex industrial portfolio in northern New Jersey.
PGIM Real Estate provided the fixed-rate loan on Longpoint’s Totowa Commerce Center, an industrial park in Totowa, N.J., that includes 10 properties encompassing 448,224 square feet.
Longpoint Partners acquired the assets from Heritage Capital Group for an undisclosed purchase price.
Michelle Liu, executive director at PGIM Real Estate, led the financing.
“We are excited to demonstrate our core financing capabilities with this large industrial transaction and are pleased to work with Longpoint to provide financing for a highly functional industrial park with great accessibility and a deep labor pool,” Liu said in a statement.
Cushman & Wakefield (CWK)’s John Alascio, TJ Sullivan and Jason Blankfein arranged the transaction.
Located at 999 Riverview Drive, Totowa Commerce Center includes 10 shallow bay industrial properties leased to 39 tenants. The industrial park is one mile north of Interstate 80.
Officials at Boston-based Longpoint Partners did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
