The duo pulling the deal together were James Gunning, a senior director at LJ Melody's Saddle Brook, NJ office, and Thomas Mallaney, an industrial leasing specialist at CBRE's Saddle Brook office. The property was financed "with a favorable rate pursuant to a subsequently-signed 20-year lease with Compac," according to Gunning.
"Most lenders are reluctant to fund a single-tenant transaction in a location that is not established, although exhibiting rapid growth," Gunning says. "Mallaney was able to assure the lender that the location was suitable for several light manufacturing and distribution operations."
The owner of the single-story building, which was completed recently, is a local partnership. The asset's layout includes approximately 24,000 sf of office space, with the remainder designed for light industrial use.
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