(Read more on the industrial market and thedebt and equitymarkets.)
LINDEN, NJ-Morris Realty LP, an affiliate of theRutherford-based Morris Cos., is building a 405,000-sf warehouse ona spec basis. The building is rising on a site at Routes 1 and 9 atPleasant Street, adjacent to the MXD redevelopment of a majorportion this city's municipal airport.
And Morris has picked up $22 million in construction financingto complete the project. The funding was provided by NorthwesternMutual and arranged by senior director James Gunning and VP DonnaFalzarano of CB Richard Ellis Debt & Equity Finance, SaddleBrook. "Northwestern recognized the demand for new, high-qualitydistribution space near the ports," Gunning says. Further detailsof the financing were not released.
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