$6.7 million acquisition financing arranged by HFF for industrial building in Monmouth County, New Jersey
FLORHAM PARK, NJ – May 3, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $6.7 million in acquisition financing for 34-38 Industrial Way East, a 106,918-square-foot industrial flex facility in the southern Monmouth County, New Jersey community of Eatontown.
HFF worked on behalf of the borrower, The Donato Group, to place the five-year, floating-rate loan with Lakeland Bank.
34-38 Industrial Way East is a two-building facility with 14 individual flex units ranging in size from 3,000 to 17,000 square feet. The facility features 22’ ceiling heights with an average column spacing of 25’ x 40’ and 308 parking spaces (2.88/1,000 square feet). The 83.6-percent-occupied buildings are home to Paw BioScience; Hanro of Switzerland; Augustine Consulting, Inc.; Alkaline Corp; KruseCom; and Meridian Health. Situated on 8.905 acres, the property is located within the 95-percent-occupied Eastern Monmouth Industrial submarket approximately three miles from the Garden State Parkway. The Donato Group’s offices are located less than one mile away from the property.
The HFF debt placement team representing the borrower was led by director Michael Klein.
“The Donato Group had a unique opportunity to acquire an industrial flex building within the Eatontown market, where it controls a significant amount – approximately 980,000 square feet – of space and is the premier landlord in the market,” Klein said. “Lakeland Bank understood The Donato Group’s dominant market position and the market demand for flex space. The lender quickly jumped at the opportunity to work with the borrower to acquire the property and make improvements to the building’s facades that will help attract new tenants, retain existing ones and quickly bring the building more in line with the market’s high 90’s occupancy.”
About Donato Group
The Donato Group is a 45+ year old real estate development, management and construction firm based in Eatontown, New Jersey. The group has established an expertise in the development and management of office, high-tech and industrial properties in Monmouth County. The company was founded by the late John Donato Jr. and is managed today by his son, Mr. Corbett Donato.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.