JLL Capital Markets represented Chelten House Products in the transaction at 200 Progress Court
News release
14 December 2023
$23M in acquisition financing sourced for a Logan, New Jersey distribution center
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MORRISTOWN, N.J., Dec. 14, 2023 – JLL Capital Markets announced today that it arranged $23.0 million in acquisition financing for a 209,437-sqaure-foot industrial warehouse/distribution center in Logan Township, New Jersey.
JLL represented the borrower, Chelten House Products, and secured the fixed rate loan from a correspondent life insurance company.
The property sits on an 88-acre site and was built in 2018. It features clear heights ranging from 36 to 40 feet with 12 dock-height truck loading doors, two drive-in doors and two rail-dock doors. The property also includes 10,500 square feet of office space, 336 car spaces and 22 trailer spaces. Approximately 17 acres at the site is approved for additional development in the future.
The site is located at 200 Progress Court, Logan Township, Gloucester County. Situated among the major economic centers of the East Coast, namely New York and Philadelphia, Gloucester County offers distributors access to 19 major US markets and nearly 40% of the US population within 24 hours. Relevant interstate and other highways that run through Gloucester County include I-95, I-295, US-322, Route 130 and the New Jersey Turnpike.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Director Max Custer and Vice President Michael Lachs.
“We are pleased to have assisted Chelten House Products in arranging acquisition financing for 200 Progress Court,” said Custer. “The acquisition will allow Chelten House to continue with its strategic growth plan.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.