Progress Capital Arranges $3 Million in Acquisition Financing for Vacant Warehouse Buildings in Roxbury
Kathy Anderson and Caillin Boles of Progress Capital secured $3,000,000 in acquisition financing for Commerce Park Investors to purchase the former PRC Laser Corp. warehouse-office buildings located at 350 and 360 North Frontage Road, Roxbury, NJ.
Given the high demand for quality industrial flex buildings under 20,000 SF (with offices) in the market, both buildings offer a great value add opportunity for the principals. The buildings will undergo approximately $1,050,00 in renovations and are expected to be leased on a NNN basis with an annual base rent of $9-$10/SF.
Terms included:
- $3,000,000 Acquisition Loan
- 3.625% Fixed for 5 Years
- 12 Months I/O
- 75% LTV
- 25 Year Amortization
The two vacant properties at 350 and 360 North Frontage Road consist of a 16,200 SF office-warehouse building and a separate 18,670 SF industrial/flex building. Both have tailboard and drive-in loading, heavy power distribution, backup gas-fired generators and are 100% air conditioned. The location also provides direct access to Interstate 80, US Highway 46, Route 10 and is 30 minutes from the Pennsylvania border.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, Progress continues to provide value to clients by securing the best financing options available in the market. We get you to the closing table…Plain and Simple.
