Denholtz Associates Secures $3.788 Million Refinancing of Clark Commercial Center2.3.2017
Clark, N.J. (February 7, 2017) – Denholtz Associates has secured a 7-year, $3.788 million refinancing on two of its flex properties totaling 27,332 square feet at 89 and 225 Terminal Avenue in the Clark Commercial Center. Brad Fouss represented OceanFirst Bank in the refinance negotiations.
89 Terminal Avenue, with 13,464 square feet of space leased by KinderCare, and 225 Terminal Avenue, with 13,868 square feet of space leased by Retro Fitness, are valuable components of Denholtz Associates’ diversified, multi-tenant strategy in the Township of Clark. Denholtz Associates purchased the 10 building, 283,201-square-foot Clark Commercial Center in a joint venture with MB1 in 2015.
Located just off Exit 135 of the Garden State Parkway between Central and Rahway Avenue, the Clark Commercial Center offers easy access to I-78 and the New Jersey Turnpike. The Clark Commercial Center boasts an impressive range of tenants in addition to Retro Fitness and KinderCare including L’Oreal, one of the largest cosmetics companies in the world, leasing over 190,000 square feet of the portfolio and housing its North American research and development facility on the property. Other major tenants include The Lawbook Exchange, New York Community Bank, and the headquarters of the Promptcare Companies. A shopping center is also under construction at the property to house a stand-alone Dunkin Donuts and CKO Kickboxing facility.
“Our long-standing relationships with capital partners, including community-focused lenders like OceanFirst with deep knowledge of their local markets, has been a large part of our success in the commercial real estate industry,” said Stephen Cassidy, President of Denholtz Associates. “OceanFirst shares our vision for the Clark Commercial Center and sees the potential of this highly desirable and well located portfolio. With interest rates at current historic lows, we recognized an opportunity to refinance on these two properties to lock in favorable long-term financing and ensure that we could continue to deliver the highest returns for our investors while bringing an exciting and diverse mix of tenants to Clark.”