{"id":1004397812,"date":"2020-03-05T06:57:10","date_gmt":"2020-03-05T14:57:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004397812"},"modified":"2020-03-05T07:52:45","modified_gmt":"2020-03-05T15:52:45","slug":"lehigh-valley-industrial-park-lands-111m-in-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lehigh-valley-industrial-park-lands-111m-in-financing\/","title":{"rendered":"Lehigh Valley Industrial Park Lands $111M in Financing"},"content":{"rendered":"
\"\"<\/a>

Park 100 Logistics Center. Image courtesy of JLL<\/em><\/p><\/div>\n

With the assistance of JLL’s Capital Markets division, GLP Capital Partners and Ridgeline Property Group have secured $111 million in financing for Park 100 Logistics Center, a 1.5 million-square-foot industrial park in Allentown, Pa., in the Lehigh Valley. JLL orchestrated the loan through Wells Fargo Bank<\/a>.<\/p>\n

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READ ALSO<\/strong>: How Will Coronavirus Impact US Commercial Real Estate Sector?<\/a><\/p>\n

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Located off I-78 at 7352 Industrial Blvd., Park 100 sits within a day’s drive of 40 percent of the U.S. The 92-acre site is the former home of a 1 million-square-foot Kraft Food processing plant and a handful of auxiliary buildings, all of which Ridgeline demolished to make way for the first phase of the industrial project. Park 100’s existing 730,000-square-foot distribution facility opened in 2018. Construction of the second phase of the rail-served property is currently underway and will yield an 811,200-square-foot production facility later in 2020.<\/p>\n

The Wells Fargo financing for Park 100 came in the form of a three-year, floating-rate loan. “Lenders are actively pursuing industrial transactions in the Lehigh Valley given all the demand drivers,”<\/em> Jon Mikula, senior managing director with JLL, told Commercial Property Executive<\/em>. “We had strong interest for this particular deal due to the quality of the opportunity as well as the sponsorship.”<\/em> JLL’s Bill Fishel and Connor Van Cleef, senior managing director and analyst, respectively, joined Mikula on the Capital Markets team that represented the borrowers.<\/p>\n

Leasing here in Allentown<\/strong><\/h2>\n

Park 100’s second phase should find a warm reception upon delivery, given the local industrial market’s strong fundamentals<\/a>. According to a fourth quarter 2019 report by JLL, the Lehigh Valley recorded nearly 7 million square feet of positive net absorption in 2019 and closed the year with a vacancy rate of just 5.7 percent. “The demand for industrial product from investors, developers and users has shown no signs of slowing down as we enter 2020,”<\/em> as noted in the report.<\/p>\n","protected":false},"excerpt":{"rendered":"

Acting on behalf of an institutional joint venture, JLL Capital Markets placed a loan with Wells Fargo. <\/p>\n","protected":false},"author":969,"featured_media":1004397836,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21748,21742,10,1494],"tags":[32796,34060,37623,33277],"class_list":["post-1004397812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-industrial","category-latest","category-northeast","category-philadelphia","tag-jll","tag-jon-mikula","tag-ridgeline-property-group","tag-wells-fargo"],"acf":[],"yoast_head":"\nLehigh Valley Industrial Park Lands $111M in Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lehigh-valley-industrial-park-lands-111m-in-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lehigh Valley Industrial Park Lands $111M in Financing\" \/>\n<meta property=\"og:description\" content=\"Acting on behalf of an institutional joint venture, JLL Capital Markets placed a loan with Wells Fargo.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lehigh-valley-industrial-park-lands-111m-in-financing\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-05T14:57:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-05T15:52:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Park-100-Logistics-Center-Allentown-Pa..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lehigh-valley-industrial-park-lands-111m-in-financing\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/lehigh-valley-industrial-park-lands-111m-in-financing\/\",\"name\":\"Lehigh Valley Industrial Park Lands $111M in Financing - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lehigh-valley-industrial-park-lands-111m-in-financing\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lehigh-valley-industrial-park-lands-111m-in-financing\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Park-100-Logistics-Center-Allentown-Pa..jpg\",\"datePublished\":\"2020-03-05T14:57:10+00:00\",\"dateModified\":\"2020-03-05T15:52:45+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lehigh-valley-industrial-park-lands-111m-in-financing\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/lehigh-valley-industrial-park-lands-111m-in-financing\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lehigh-valley-industrial-park-lands-111m-in-financing\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Park-100-Logistics-Center-Allentown-Pa..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Park-100-Logistics-Center-Allentown-Pa..jpg\",\"width\":800,\"height\":620,\"caption\":\"Park 100 Logistics Center. 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