Holliday Fenoglio Fowler arranged $22 million in construction financing for 2 Turner Place, a to-be-built, 451,800 s/f spec, Class A warehouse and distribution building in Piscataway, New Jersey.
Worked on behalf of a jpartnership between F. Greek Development and LaSalle Investment Management, HFF placed the three-year construction loan with TIAA-CREF Trust Company FSB, known as TIAA Direct.
The building will be situated on 63.9 acres of vacant land near Interstate 287 and eight miles from the Garden State Parkway and New Jersey Turnpike.
Scheduled for completion in the second half of 2017, the one-story light industrial building will feature 36 ft. clear heights, 149 loading doors, two drive-in doors and parking for 170 cars and 150 trailers.
The HFF team was led by managing director Michael Klein. “In a tight industrial market with limited supply of large blocks of modern Class A warehouse/distribution space, the lender saw the value that F. Greek Development was creating,” Klein said.