W/D Building Gets $24M Refi

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CARLSTADT, NJ-Rreef North America has picked up $29 million in refinancing for its Meadowlands Distribution Center, a single-story, 350,000-sf facility at 350 Starke Rd. here. The 10-year, permanent fixed-rate loan was provided by the Allstate Real Estate Investment Group of Northbrook, IL, replacing existing construction financing on the property, which was completed on spec three years ago.

Located on 18 acres in the Meadowlands submarket, the property is currently 100% leased. As reported by GlobeSt.com, Rreef effectively filled the building earlier this year by signing Stone Source to 89,000 sf and Creston Electronics to 53,500 sf. The two new tenants joined MediMedia USA (143,000 sf) and BDI Laguna (64,000 sf) on site.

“Given its location, the Meadowlands Distribution Center is situated for future growth,” says Dave Henderson, senior portfolio manager for the Allstate Real Estate Investment Group. “This loan also strengthens our industrial real estate portfolio.”