Advance Realty Investors and Greek Development have secured $103,481,000 in industrial construction financing for Buildings H and E at Logan North Industrial Park, a planned 3,190,000 s/f Class A industrial site in Logan Township, NJ.
Cushman & Wakefield served as the exclusive adviser to the borrowers. The loans were provided by Wells Fargo and Provident Bank.
“It is a true testament to Wells Fargo and Provident Bank in understanding the vision and value proposition of Logan North in our uncertain economic environment,” stated Alexander Cocoziello, managing director of Capital Markets for Advance. “Our team could not be more pleased with the execution of Cushman & Wakefield and the broader sponsor team in these two deals.”
“With these two assets pre-leased, encompassing the first 1.3 million square feet of Logan North, our partnership is currently constructing Phase II of the development to meet continued demand in Southern New Jersey,” said David Greek, Director of Acquisitions at Greek Development.
The Cushman & Wakefield Equity, Debt & Structured Finance team included John Alascio, Sri Vankayala, Chuck Kohaut, TJ Sullivan and Maya Steinberger represented the borrower.
“Buildings H and E at Logan North Industrial Park presented lenders with the unique opportunity to finance the construction of two Class A, pre-leased industrial facilities,” added Alascio, Executive Managing Director at Cushman & Wakefield. “The industrial market has continued to gain traction and demand far outweighs supply. We experienced a competitive process and, ultimately, Wells Fargo and Provident Bank set forth competitive terms that led to a seamless execution.”
Building H will be the first asset to be developed at Logan North Industrial Park out of a total of ten planned sites, with the construction of building E following immediately. The property is 100 percent pre-leased to Target, which will use the site as a flow center to fulfill online orders and restock retail centers. The facility is estimated to create 1,300 jobs and will be split approximately 60 percent to service retail stores and 40 percent for e-commerce needs. Building H received a $69,011,000 construction loan from Wells Fargo.
Building E is a build-to-suit cold storage facility that is pre-leased to Lineage Logistics, a prominent cold storage operator. The site measures 189,889 rentable square feet and will be operated by Lineage Logistics. The property will have 103 parking spaces, 44 trailer spaces and 20 dock doors. Building E received a $34,470,000 construction loan from Provident Bank.
Located at 858 Route 322 in Logan Township, Logan North Industrial Park has direct access to the New Jersey Turnpike and Interstate 295 and is just one mile from the Commodore Barry Bridge, which connects New Jersey to southeastern Pennsylvania.