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TETERBORO, NJ-A $6.83 million mortgage has been set for 200 Hollister Rd., a 162,373-sf industrial building on 10 acres here. The building is currently fully leased by the Smurfit Stone Enterprises Inc. division of Smurfit-Stone Container Corp.
Arranged for the borrower by Martin Klebanoff, senior vice president and co-managing director of the Parsippany, NJ office of NorthMarq Capital Inc., the financing is based on a six-year term with a three-year interest-only followed by a 30-year amortization schedule. The funding came from the Principal Group.
As reported by GlobeSt.com, the asset was acquired earlier this summer by Seagis Property Group from a partnership of local investors for $10.9 million, or approximately $67 per sf. Seagis was formed in March by principals John Begier and Charlie Lee, both former execs of Keystone Property Trust, which itself is now part of ProLogis.
"With only five years remaining on the lease, it was being aggressively purchased due to upside potential on the rent stream," Klebanoff says. "The challenge was finding a lender that could share the borrower's vision for the asset and provide an aggressive rate for this acquisition."
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