Thorofare Capital has funded a $11,341,000 short-term, floating rate acquisition loan for the purchase and lease-up of an industrial outdoor storage property located in North Brunswick Township, New Jersey. The property consists of over 7.5 acres of leveled site that is utilized for truck and trailer parking.

Since this loan’s origination, the sponsor has leased 100% of the premises to a publicly traded e-commerce company. Additional loan proceeds will be used towards tenant improvements and leasing commissions. NJ Industrial Outdoor Storage will be utilized as a last-mile logistics trucking storage and parking.

The property is part of a 193 million square foot industrial market with an extremely low vacancy of 0.5%, per Cushman & Wakefield. The broader Central New Jersey market is considered the top industrial market in the country with over 285 million square feet of industrial space but only a 0.8% overall vacancy. The subject property is located on the northern fringe of the desirable Exit 8A (New Jersey Turnpike/I-95) warehouse/distribution submarket in Middlesex County. The in-demand New Jersey industrial market is driven by its proximity to high density population areas included New York City and Philadelphia as with proximity to Port Newark.

The loan carries an initial term of two years with one extension option subject to performance milestones and includes a flexible prepayment window upon the completion of the site’s lease-up.

The sponsor is a New York-based vertically integrated real estate investment firm specializing in the acquisition, management, and leasing of mission-critical, urban infill industrial outdoor storage properties in major markets throughout the United States.