Herring Properties Lands $14M for New Jersey Warehouse

400 Airport Corporate Drive. Image courtesy of JLL

Herring Properties has secured a $14.5 million refinancing loan, originated by Nationwide Life Insurance Co., for a Class A 130,000-square-foot warehouse and distribution facility in Ewing, N.J. The single-tenant building was completed in the first quarter of 2022 and was subject to a construction loan of $13 million, originated by First Bank New Jersey, CommercialEdge data shows.

The JLL Capital Markets team led by Senior Managing Director Michael Klein and Director Max Custer arranged the 11-year, fixed rate, non-recourse loan, prior to the property receiving its final certificate of occupancy and before the recent run-up in the treasury market, Custer stated in prepared remarks.

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The property is situated on a 22.6-acre site and features a 40-foot clear height, 18 dock-high doors, two drive-in doors, 32 trailer parking stalls and space for vehicle parking. Binsky & Snyder, a mechanical construction services company, occupies the entire building.

The facility is located at 400 Airport Corporate Drive, in the Trenton submarket, 35 miles from Philadelphia and 50 miles from the port of New York and New Jersey. The property has immediate access to Interstate 295, U.S. Route 1 and the New Jersey Turnpike, with Trenton Mercer Airport nearby.

Approximately 667.5 million square feet of industrial space is under construction across the U.S, as of June, with 159.6 million square feet completed in the first half of 2022, according to CommercialEdge data. New Jersey has roughly 13.5 million square feet under construction.