Greek Development Lands $50M Refi, Expands Property
Located in southern New Jersey, the industrial park offers access to both the Philadelphia and New York markets.
Greek Development has secured a $50 million refinancing for Logan North Industrial Park, a warehouse property in Logan Township, N.J., that is currently in expansion mode.
The loan, which replaces existing construction financing from Wells Fargo, will enable the company to apply long-term debt to Buildings A and F and Trailer Lot G at the 3.2 million-square-foot site. The developer partnered with “one of the largest life insurance companies” on the deal, Alex Motiuk, director of acquisitions at Greek Development, said in a statement. The company did not name the firm and its identity could not immediately be established.
JLL sourced the refinancing loan. Senior Managing Directors Michael Klein, Jim Cadranell and Gregory Nalbandian and Associate Ryan Carroll worked on the transaction.
Greek Development has broken ground on a third phase at the Class A property. Expected to be the site’s final phase, the two-building addition has a build-to-suit opportunity of 200,915 square feet.
One building will be a 274,524-square-foot single-side load building that will have 40-foot clear ceiling heights, 42 dock-high doors, as well as 188 car and 58 trailer parking spaces. The second building will feature a 475,488-square-foot cross dock design with 40-foot clear ceiling heights, 106 dock-high doors and drive-in doors, as well as 244 parking spaces for cars and another 79 for trailers.
Expanding tenant roster
Of the existing facilities, Building A, which totals 164,317 square feet, is fully leased to logistics company Shearer Holdings and features 36-foot clear heights, 46 dock-high doors, 2 drive-in doors and 199 parking spots for cars. Building F and Lot G, with their combined 326,937 square feet, are situated on 11.36 acres and are fully leased to delivery company LaserShip. Lot G provides 264 trailer parking spaces. Building F, meanwhile, has 40-foot clear heights and 72 dock-high doors as well as two drive-in doors and 237 spots for vehicle, with another 109 for trailers.
In addition to Hearer and LaserShip, Target and Lineage Logistics are also Logan North tenants.
The property is strategically located in Southern New Jersey, bordering Route 322, to the north of Interstate 295, with easy access to both Philadelphia and New York. The site is 14 miles from Philadelphia International Airport and less than 20 miles from the Port of Philadelphia and the Port of Wilmington.