James Gunning, senior director, and vice president Greg James of the Paramus, NJ office of LJ Melody & Co., the banking arm of CB Richard Ellis, secured the funding from a bridge lender, who was not identified. Further terms of the financing were not disclosed.
The funding will cover the acquisition, renovation, retrofitting and re-leasing of the asset by Industrial Way Complex LLC. The building is currently only 27% occupied, and the availability includes just under 91,000 sf of warehouse space and almost 56,000 sf of finished office space. Current tenants Health Network America and Tech Innovation have leases expiring in 2010 and 2005 respectively.
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