Arcadia North. Picture courtesy of Cushman & Wakefield
J.P. Morgan World Options has secured a $45 million floating price mortgage for the refinancing of Arcadia North, a 1,050,701-square-foot industrial asset in Tobyhanna, Pa. Organized by Cushman & Wakefield, the be aware was supplied by Northwestern Mutual Life Insurance coverage Co.
Located at 2077 Company Middle Drive W., Arcadia North is absolutely occupied by Lowe’s House Middle. The constructing, accomplished in 2020, options 105 dock doorways, 316 parking areas, 469 trailer parking spots, 36-foot clear heights and an ESFR sprinkler system.
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The property is near Interstate 380, offering connectivity to interstates 80, 81, 83 and 84 and quick access to New York Metropolis, Pittsburgh, Baltimore and Washington, D.C. The placement can also be roughly 4 miles from a 1.2 million-square-foot warehouse beneath building in Mount Pocono, Pa.
Cushman & Wakefield’s Fairness, Debt and Structured Finance workforce of Steve Kohn, John Alascio, Alex Hernandez, Aaron Graves, TJ Sullivan and Jason Blankfein, secured the financing for the borrower. The Pennsylvania and New Jersey Capital Markets groups, led by Gerry Blinebury, Brendan McGeary, Gary Gabriel and Kyle Schmidt, supplied help.
Southern New Jersey/Japanese Pennsylvania was the second-largest big-box area in North America on the finish of 2022, with 493 million sq. toes of in its stock, in accordance with a CBRE report. The realm’s growth pipeline amounted to 45 million sq. toes as of December, solely 18.3 p.c of that area being preleased.
