JLL Capital Markets arranged $16.76 million in construction financing for the development of a 340,000 s/f Class A speculative warehouse/distribution center in Lawrence Township, New Jersey.
JLL worked on behalf of the developer, Penwood Real Estate Investment Management, LLC and Metrix Real Estate Services LLC, to secure the three-year construction loan with two one-year extension options through Wells Fargo Bank.
The Class A industrial building is under construction on a 31-acre land site at 10 Princess Road in Lawrence Township within a business park situated to the northeast of Trenton and to the southwest of Princeton.
The state-of-the-art cross-dock industrial building will feature 40-foot clear heights, 2,000 s/f of office space, 103 dock-high loading positions, 69 trailer parking stalls and four drive-in doors. The expected completion date is June 2020.
The Princeton area is known for its strong demographics and amenities, as well as being the home to one of the nation’s top universities.
In addition to the area’s affluence and deep labor pool, the submarket benefits from an extensive transportation infrastructure that allows logistical access to the major east coast markets in less than one day.
The property is immediately off the four-way interchange of I-295 and Princeton Pike and offers prominent frontage on I-295.
This location is proximate to and equidistant between both the ports of New York and New Jersey and the Port of Philadelphia, each located approximately 50 miles away. It provides unique accessibility to the New Jersey, Greater Philadelphia, New York City, Greater Maryland and Washington, D.C. metropolitan markets.
This enables distributors to reach more than 130 million regional customers and one-third of the country’s population within one day’s drive.
The JLL Capital Markets team representing the developers was led by Senior Managing Director Michael Klein and analyst Connor Van Cleef.