Logan North. Picture courtesy of Greek Improvement
Greek Improvement has secured a $50 million refinancing for Logan North Industrial Park, a warehouse property in Logan Township, N.J., that’s at the moment in growth mode.
The mortgage, which replaces current development financing from Wells Fargo, will allow the corporate to use long-term debt to Buildings A and F and Trailer Lot G on the 3.2 million-square-foot website. The developer partnered with “one of many largest life insurance coverage firms” on the deal, Alex Motiuk, director of acquisitions at Greek Improvement, stated in an announcement. The corporate didn’t title the agency and its id couldn’t instantly be established.
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JLL sourced the refinancing mortgage. Senior Managing Administrators Michael Klein, Jim Cadranell and Gregory Nalbandian and Affiliate Ryan Carroll labored on the transaction.
Greek Improvement has damaged floor on a 3rd section on the Class A property. Anticipated to be the location’s remaining section, the two-building addition has a build-to-suit alternative of 200,915 sq. ft.
One constructing shall be a 274,524-square-foot single-side load constructing that may have 40-foot clear ceiling heights, 42 dock-high doorways, in addition to 188 automobile and 58 trailer parking areas. The second constructing will function a 475,488-square-foot cross dock design with 40-foot clear ceiling heights, 106 dock-high doorways and drive-in doorways, in addition to 244 parking areas for vehicles and one other 79 for trailers.
Increasing tenant roster
Of the present amenities, Constructing A, which totals 164,317 sq. ft, is absolutely leased to logistics firm Shearer Holdings and options 36-foot clear heights, 46 dock-high doorways, 2 drive-in doorways and 199 parking spots for vehicles. Constructing F and Lot G, with their mixed 326,937 sq. ft, are located on 11.36 acres and are absolutely leased to supply firm LaserShip. Lot G gives 264 trailer parking areas. Constructing F, in the meantime, has 40-foot clear heights and 72 dock-high doorways in addition to two drive-in doorways and 237 spots for automobile, with one other 109 for trailers.
Along with Hearer and LaserShip, Goal and Lineage Logistics are additionally Logan North tenants.
The property is strategically situated in Southern New Jersey, bordering Route 322, to the north of Interstate 295, with easy accessibility to each Philadelphia and New York. The positioning is 14 miles from Philadelphia Worldwide Airport and fewer than 20 miles from the Port of Philadelphia and the Port of Wilmington.
