Friday, June 7, 2019

New York Investor Buys Barrington Business Center for $43 Million

New York-based Sun Equity Partners purchased Barrington Business Center in Barrington, New Jersey, from Triangle Capital Group for $43 million, or about $46 per square foot.

The 931,682-square-foot, two-story industrial facility at 1 Commerce Drive comprises 90 loading docks and levelators, five drive-in bays, 40- by 50-foot column spacing and a 24-foot clear ceiling height. Built in 1956 and renovated in 2000, the Class B property spans 84.3 acres less than 15 miles from Philadelphia International Airport.

Tremont Mortgage Trust provided a $37.6 million first mortgage bridge loan on behalf of the borrower to finance the acquisition of Barrington Business Center.

The floating rate loan includes initial funding of $34.9 million and a future funding allowance of $2.7 million for property improvements and leasing capital. The loan is structured with a three-year initial term and a single one-year borrower extension option, subject to the borrower meeting certain conditions, and has an as-is LTV ratio of 79%.

Founded in 2010, Sun Equity Partners currently owns – or retains ownership interest in – and manages a portfolio exceeding 10 million square feet across the U.S., according to its website.

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