The EXP Group, a wholesale company, has secured permanent debt financing of $47 million. This will refinance a significant industrial property in Northern New Jersey. The transaction was led by Citizens Bank, as learned by Commercial Observer.
The logistics property spans an area of 300,015 square feet and is located at 2500 83rd Street in North Bergen, New Jersey. The financing was structured with the assistance of Ripco Real Estate. A team comprising Adam Hakim, Michael Winter, and James Murad was responsible for handling the transaction.
James Murad, Managing Director at Ripco, emphasised in a statement the continued attractiveness of high-quality industrial facilities with reputable owners. Despite a challenging credit environment, these properties continue to draw interest from lenders. This underscores the fundamental strength of the sector.
The property in question, situated on a 35-acre plot at 2500 83rd Street, houses a single-storey industrial facility, 100 per cent leased. This served as the EXP Group's headquarters and primary distribution hub for the Northeastern USA. Other industrial tenants also utilise the premises.
Ripco highlights that the property benefits from its location in a market with limited supply, which also offers excellent access to key transport corridors and ports. These strategic advantages significantly contribute to the enduring value and attractiveness of the site. This is also evident in the interest of lenders, who regard the favourable location as a stability factor.
Enquiries to the EXP Group and Citizens Bank regarding the transaction have not yet been answered. The successful refinancing of this volume underscores the resilience of the Northeastern US industrial market and the continuous demand for efficient logistics solutions.
