Holliday Fenoglio Fowler, L.P. (HFF) announced the $16.2 million in financing for the development of a 290,063 s/f spec industrial project in Newark, New Jersey.
The HFF team worked on behalf of the developer, a joint venture partnership between Penwood Real Estate Investment Management through its fourth value-added investment vehicle, Penwood Select Industrial Partners IV, L.P., and Penford Group, to place a construction loan with Principal Real Estate Investors.
The industrial distribution facility will be situated on 14.85 acres at 256 Vanderpool Street within the northern New Jersey industrial market, one of the top industrial markets in the nation.
The site has immediate access to the entire New York City metro area via its proximity to Interstate 78 and other highways. Additionally, the site is 1.8 miles from the Port of Newark-Elizabeth and 4.1 miles from Newark Liberty International Airport.
The state-of-the-art building will feature 40-foot clear heights, 64 loading docks, 79 trailer stalls and 8,702 s/f of office space.
The HFF debt team representing the developer included managing director Michael Klein and director Matthew Pizzolato.
“HFF is pleased to have secured another loan on Penwood’s behalf as it continues to expand its presence in the Northern New Jersey industrial market,” Klein said.
“Principal has been making loans on industrial properties in this market for a long time and has a firm grasp of the market’s fundamentals and the property’s attributes and was able to get comfortable making a construction loan on a speculative development.
“Given the property’s accessibility to major highways, the port, airport and deep labor pool from which a future tenant will benefit, the investment was an ideal fit for their portfolio.”