Cushman & Wakefield (NYSE: CWK) recently announced that the real estate services firm served as the exclusive adviser to Advance Realty Investors and Greek Development in the procurement of $103,481,000 in industrial construction financing for Buildings H and E at Logan North Industrial Park, a planned 3,190,000-square-foot Class A industrial site in Logan Township. 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.”
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sri Vankayala, Chuck Kohaut, TJ Sullivan and Maya Steinberger represented the borrower.
“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.
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% 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% to service retail stores and 40% 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 Preferred Freezer Services, a subsidiary of 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.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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