FLORHAM PARK, NJ—HFF has arranged $31 million in financing for a three-building industrial portfolio containing approximately 1.1 million sq. ft. in Elizabeth, Edison and Bayonne, N.J.
HFF, working on behalf of a joint venture between Cohen Asset Management Inc. and New York Life Investment Management, placed the seven-year, fixed-rate acquisition loan with Principal Real Estate Investors. HFF sold the assets to the borrower as part of a larger portfolio in 2012.
Currently 99 percent leased, the properties within the portfolio are located within close proximity to Port Newark/Elizabeth, Newark International Airport and Interstate 95/The New Jersey Turnpike and Interstates 78 and 287.