Triangle Capital Group Sells 932,000-SF Industrial Facility in Barrington, New Jersey
The 931,682-square-foot, two-story industrial facility at 1 Commerce Drive comprises 90 loading docks and levelators, five drive-in bays, 40- by 50-foot column spacing and a 24-foot clear ceiling height. Built in 1956 and renovated in 2000, the Class B property spans 84.3 acres less than 15 miles from Philadelphia International Airport.
Tremont Mortgage Trust (Nasdaq: TRMT) provided a $37.6 million first mortgage bridge loan on behalf of the borrower to finance the acquisition of Barrington Business Center.
The floating rate loan includes initial funding of $34.9 million and a future funding allowance of $2.7 million for property improvements and leasing capital. The loan is structured with a three-year initial term and a single one-year borrower extension option, subject to the borrower meeting certain conditions, and has an as-is LTV ratio of 79%.
Founded in 2010, Sun Equity Partners currently owns – or retains ownership interest in – and manages a portfolio exceeding 10 million square feet across the U.S., according to its website.
For more information about this South Jersey industrial space for sale or about any other South Jersey commercial properties for sale or lease, please contact the team at Wolf Commercial Real Estate, a Southern New Jersey commercial real estate brokerage firm at 856-857-6300.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier South Jersey commercial real estate broker that provides a full range of South Jersey commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other South Jersey commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of South Jersey commercial properties for sale through our South Jersey commercial real estate brokerage firm.
* Article courtesy of CoStar News, June 7, 2019, Ella Anderson