Capmark senior vice president Brian Campbell originated the loan, which closed in 21 days. Further details of the financing were not released.
Located on 59 acres off Exit 12 of the New Jersey Turnpike, the complex is fully occupied on a long-term basis by food distributor White Rose Inc. It consists of 380 Middlesex Ave., an 810,000-square-foot building--constructed in 1995 and expanded in 2004--which includes a 49,000-square-foot office component that serves as White Rose's headquarters. And the adjoining 580 Port Carteret Dr. is a freezer distribution facility built in 1997 and expanded to its current 279,000 square feet in 2002.
The buildings were acquired by the New York-based KTR in January from T/A Port Carteret and US Metal Refining Co. through the assignment of a purchase option from White Rose. "These are two of the best high-bay distribution buildings in Northern New Jersey," KTR partner John DiCola told GlobeSt.com after the acquisition. "The long-term lease with White Rose provides stable cash flow positions."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
