Rendering of 30 Cross St. Image courtesy of JLL Capital Markets
Invesco Real Estate, in a joint venture with The Hampshire Cos., has received $34.5 million in construction financing for the development of 30 Cross St., a 187,530-square-foot industrial facility in Bogota, N.J.
JLL Capital Markets worked on behalf of the borrower to secure the three-year, floating-rate loan with extension options, which was provided by Texas Capital Bank.
The joint venture purchased the land for the project in late 2022 for $5.8 million, Bergen County records show. Upon completion, the warehouse and distribution center will encompass two buildings across 11.7 acres and feature 36-foot clear heights, 52 by 50-ft. column spacing, 21 dock-high doors and 268 vehicle parking spaces.
The development site at 30 Cross St. is 20 miles from New York City via the George Washington Bridge. The property will also offer access to the New Jersey Turnpike and interstates 78 and 80, as well as the Port of New York and New Jersey. Newark Liberty International Airport is 19 miles away. Amazon, FedEx and other companies have logistic centers in the area.
The JLL team that arranged the financing included Senior Managing Directors Michael Klein, John Rose and John Mikula, as well as Associate Ryan Carroll.
At the end of last month, Invesco and IndiCap broke ground on Virgin Industrial Park, a 1.5 million-square-foot industrial park near Phoenix, with Phase I of the project slated for completion in the first quarter of 2024. According to CommercialEdge data, Invesco has a portfolio of 175 industrial properties, adding to a total of 37.1 million square feet.
Some ongoing industrial projects in New Jersey
As of February, New Jersey had 11 million square feet of industrial space under construction, representing 2 percent of stock, lower than the national average of 3.7 percent, the latest CommercialEdge report shows.
An addition to the supply pipeline will come from Brookfield Properties, which recently acquired the Liberty Commerce Center development site in Jersey City, N.J. The company, which has purchased a total of 58 acres across northern New Jersey, plans to build 1 million square feet of distribution space across four projects.
Furthermore, several other projects are slated for completion this summer, including CenterPoint Properties’ 321,765-square-foot industrial building in Linden, N.J, which recently secured a tenant. Earlier this year, Woodmont Industrial Partners and EverWest Real Estate Investors began constructing an over 200,000-square-foot project in South Brunswick, N.J.
