Thor Equities acquires industrial facility in Bogota, New Jersey

MORRISTOWN, N.J., April 26, 2022 – JLL Capital Markets announced today that it has arranged pre-development and construction financing for the development of a 150,917-square-foot, Class A, speculative warehouse and distribution facility at 14-22 River Road in the infill New York City-area community of Bogota, New Jersey.

JLL worked on behalf of the borrower, Thor Equities Group, to place the floating-rate loan with Centennial Bank.

Once completed, the facility will offer tenants modern, best-in-class features, including a 40-foot clear height, 28 dock doors, three drive-in doors, low office finish, ESFR fire protection, 15 trailer parking stalls and 225 parking spaces.

The 10.8-acre site that will house the new building has exceptional access to the critical infrastructure required of modern distribution users, including New York City, New Jersey’s Port Newark-Elizabeth, Newark Liberty International Airport, The Lincoln Tunnel, George Washington Bridge and the New Jersey Turnpike. The property is in the dense, infill Meadowlands Industrial submarket, which has a limited inventory of modern, Class A distribution product.

“Thor’s latest acquisition reflects our ability to identify strategically located assets in supply constrained markets,” said Joseph Sitt, Chairman of Thor Equities Group. “Our new development will allow users efficient access to the most populous region in the United States, and we expect strong leasing activity as the demand for e-commerce continues to accelerate.”

According to JLL Research’s New Jersey Industrial Insight report for the first quarter of 2022, the vacancy rate for the Meadowlands submarket is only 1.3 percent. Additionally, with only 766,162 square feet under construction, rental rates are $16.26 per square foot, one of the highest in New Jersey.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Director David Sitt, Managing Director Peter Rotchford, Senior Director Matthew Pizzolato and Vice President Michael Lachs.

“We continue to see tremendous interest form the lending community for well located, institutional quality industrial projects,” said Pizzolato. “Centennial Bank recognized this and stepped up to offer attractive terms and a structure that will allow our client to execute their business 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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Thor Equities is a leader in the development, leasing and management of office, industrial, laboratory, residential, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its U.S. holdings, the company has assets in European gateway cities including London, Paris, Madrid and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge. For more information, visit thorequities.com.