Cushman & Wakefield served as the exclusive adviser to a partnership of Advance Realty Investors and Greek Development in the procurement of $42,600,000 in industrial construction financing for the second phase of Logan North Industrial Park, a 3.2-million-square-foot Class A industrial park in Logan Township, New Jersey.
The financings will facilitate the construction of Buildings A and F, which will measure 164,112 and 326,937 square feet, respectively. The financing was provided by Wells Fargo.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut and TJ Sullivan represented the borrower.
“Building off the success of the first phase of this project, where our client secured long-term leases from Target and Lineage Logistics prior to construction, we experienced a robust financing market for the second phase of this transformative project,” said Alascio. “The combination of top tier sponsorship and unparalleled location in the most densely populated region of the country made for a competitively bid process that yielded an exceptionally strong outcome for the Advance and Greek partnership.”
Following the successful completion and leasing of the first phase encompassing 1.6 million square feet, Logan North Industrial Park has become the premier industrial complex in the Southern New Jersey/Greater Philadelphia area. Comprising 415 acres with entitlements to build 3.2 million square feet of Class A industrial product, the partnership of Advance Realty and Greek Development intends to develop ten buildings spanning a variety of industrial uses.
Buildings A and F will be part of the second phase of warehouses developed at Logan North and will each be constructed on a speculative basis. Features such as 36 ft. clear heights, ample dock doors and plentiful trailer and car parking capacity will serve as strong draws for prospective tenants.
In July 2020, Cushman & Wakefield arranged $103,481,000 in construction financing for the first phase of the project, which consisted of Building H, Building I and Building E. All three facilities are completed and fully leased to Target and Lineage Logistics, respectively.
Located at 2858 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.