Hines, MetLife Secure $44M Refi for West Virginia Industrial Park
Mesa West Capital issued the loan, which covers two buildings.
A joint venture between Hines and MetLife Investment Management has obtained a $43.8 million five-year, first mortgage loan to refinance two Class A industrial buildings totaling 730,800 square feet in Martinsburg, W.Va. Mesa West Capital provided the loan.
Each building is 365,400 square feet and was delivered in early 2023, at 4903 and 5115 Winchester Ave. The cross-docked facilities feature 40-foot clear heights, 90 dock doors, 136 trailer spaces and access to at least 4,000 amps of power.
One building is fully leased to packaging manufacturer Treplar Inc., while the other is vacant. They constituted the first phase of the 69.8-acre Tabler Station Logistics Park, the second phase of which was completed later in 2023, bringing the development to a total of 1.6 million square feet of modern bulk distribution space.
READ ALSO: April National Industrial Report
The project, first announced in November 2021, was Hines’ first industrial development in the East.
The park is almost adjacent to Interstate 81, providing access to major Mid-Atlantic and Northeast metro areas, including Washington, D.C., Baltimore, Richmond, Pittsburgh, Philadelphia and New York. Both the Port of Baltimore and Washington Dulles International Airport are within a 90-minute drive.
Pamir Niaz, executive director at Mesa West Capital, led the origination team. The financing was arranged by a Cushman and Wakefield team of Vice Chairman John Alascio, Executive Director TJ Sullivan and Managing Director Aaron Graves.
Data centers driving regional demand
In a prepared statement, Niaz commented that the distribution market in the region is seeing stronger demand as industrial tenants move west from Northern Virginia, where data center development has limited available supply.
The nearest large town to Martinsburg is Hagerstown, Md., the site of a 1 million-square-foot distribution center that Trammell Crow Co. announced just over a year ago it would develop for consumer products company Lifetime Brands.
You must be logged in to post a comment.