{"id":1004465473,"date":"2020-07-21T03:12:25","date_gmt":"2020-07-21T11:12:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004465473"},"modified":"2020-07-21T11:26:16","modified_gmt":"2020-07-21T19:26:16","slug":"new-jersey-industrial-park-lands-104m-in-construction-loans","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-jersey-industrial-park-lands-104m-in-construction-loans\/","title":{"rendered":"New Jersey Industrial Park Lands $104M in Construction Loans"},"content":{"rendered":"
\"\"<\/a>

Logan North Industrial Park. Image courtesy of Cushman & Wakefield<\/em><\/p><\/div>\n

Advance Realty Investors and Greek Development have received $103.5 million in construction financing<\/a> for the first two buildings at their planned 10-building, 3.2 million-square-foot, Class A Logan North Industrial Park in Logan Township, Gloucester County, N.J. Cushman & Wakefield served as the borrowers\u2019 exclusive adviser in procuring the funding.<\/p>\n

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READ ALSO<\/strong>: Why Suburbs, Secondary CRE Markets Will Benefit From the Next Recovery<\/a><\/p>\n

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The property is along Route 322 in Logan Township, at Exit 11 on I-295 and only a mile from the Commodore Barry Bridge connecting New Jersey with southeastern Pennsylvania.<\/p>\n

A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sri Vankayala, Chuck Kohaut, T.J. Sullivan and Maya Steinberger represented the borrowers.<\/p>\n

The first asset to be developed at Logan North will be Building H. The facility is 100 percent preleased to Target, which will use the property to fulfill online orders (about 40 percent of its capacity) and restock retail centers (about 60 percent of its capacity). Building H received a $69 million construction loan from Wells Fargo.<\/p>\n

The second structure is Building E, a build-to-suit cold storage facility that\u2019s fully preleased to Lineage Logistics. The building will total 189,889 rentable square feet and will be operated by Preferred Freezer Services, a Lineage subsidiary. The property will feature 103 parking spaces, 44 trailer spaces and 20 dock doors. Building E received a $34.5 million construction loan from Provident Bank.<\/p>\n

Hanging in so far<\/h2>\n

Logan North is barely a mile and a half from the Pureland Industrial Complex, the state\u2019s largest and one of the nation\u2019s biggest industrial parks.<\/p>\n

Last month, BentallGreenOak purchased a 925,000-square-foot distribution warehouse<\/a> in Somerset, N.J., in the Rutgers\u2013New Brunswick metro, from Crow Holdings International for $164 million. The project, initially speculative, is fully leased to LG Electronics USA.<\/p>\n

Gloucester County has about 29.6 million square feet of the 341.8 million-square-foot metro Philadelphia industrial space inventory, according to a second-quarter report from CBRE. Only 4.8 percent of industrial space in the county was vacant as of the second quarter, nearly 2.1 million square feet of space was under construction, and year-to-date net absorption was 620,000 square feet. The average asking triple-net lease rate in Gloucester County stood at $5.63, also according to CBRE.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cushman & Wakefield arranged the funding for Advance Realty Investors and Greek Development, which are planning a 3.2 million-square-foot project in metro Philadelphia.<\/p>\n","protected":false},"author":882,"featured_media":1004465515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21748,21742,10,1494],"tags":[46952,32789,32799,34545,39097,33277],"class_list":["post-1004465473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-industrial","category-latest","category-northeast","category-philadelphia","tag-advance-realty-investors","tag-cbre","tag-cushman-wakefield","tag-target-corporation","tag-the-provident-bank","tag-wells-fargo"],"acf":[],"yoast_head":"\nNew Jersey Industrial Park Lands $104M in Construction Loans - 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\/new-jersey-industrial-park-lands-104m-in-construction-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Jersey Industrial Park Lands $104M in Construction Loans\" \/>\n<meta property=\"og:description\" content=\"Cushman & Wakefield arranged the funding for Advance Realty Investors and Greek Development, which are planning a 3.2 million-square-foot project in metro Philadelphia.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-jersey-industrial-park-lands-104m-in-construction-loans\/\" \/>\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=\"2020-07-21T11:12:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-07-21T19:26:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/Logan-North-Industrial-Park.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=\"Scott Baltic\" \/>\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\/new-jersey-industrial-park-lands-104m-in-construction-loans\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-industrial-park-lands-104m-in-construction-loans\/\",\"name\":\"New Jersey Industrial Park Lands $104M in Construction Loans - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-industrial-park-lands-104m-in-construction-loans\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-industrial-park-lands-104m-in-construction-loans\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/Logan-North-Industrial-Park.jpg\",\"datePublished\":\"2020-07-21T11:12:25+00:00\",\"dateModified\":\"2020-07-21T19:26:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-industrial-park-lands-104m-in-construction-loans\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/new-jersey-industrial-park-lands-104m-in-construction-loans\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-jersey-industrial-park-lands-104m-in-construction-loans\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/Logan-North-Industrial-Park.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/Logan-North-Industrial-Park.jpg\",\"width\":800,\"height\":620,\"caption\":\"Logan North Industrial Park. 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