{"id":1004710311,"date":"2024-04-15T04:04:38","date_gmt":"2024-04-15T12:04:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004710311"},"modified":"2024-04-15T10:08:09","modified_gmt":"2024-04-15T18:08:09","slug":"rockefeller-group-pccp-secure-100m-for-logistics-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rockefeller-group-pccp-secure-100m-for-logistics-center\/","title":{"rendered":"Rockefeller Group, PCCP Secure $100M for Logistics Center"},"content":{"rendered":"
\n
\"\"
A rendering of the completed Rockefeller Group Logistics Center at Roosevelt Boulevard, which will lie within a day’s drive of all of the Acela Corridor’s largest cities. Image courtesy of Cushman & Wakefield<\/em><\/figcaption><\/figure><\/div>\n\n

The Rockefeller Group and PCCP LLC have secured $100.2 million in construction financing for their joint development of the Rockefeller Logistics Center on the Boulevard, a two-building 656,904-square-foot speculative industrial campus in Northeast Philadelphia.<\/p>\n

The loan, provided by New York Life Real Estate Investors, was arranged by a Cushman & Wakefield team consisting of Vice Chairman John Alascio, Managing Directors Aaron Graves and Alex Lapidus, Senior Directors Chuck Kohaut and TJ Sullivan as well as Associate Jason Blankfein.<\/p>\n

Development of Rockefeller Logistics Center on the Boulevard, the developer\u2019s first in the city, was announced<\/a> in December of last year, following the partners\u2019 purchase of the 50.4-acre development site from the Philadelphia Industrial Development Corp. Previously, the site was home to the unbuilt Byberry North Business Center. CBRE, which advised the developers during the transaction, will also oversee leasing at the finished campus.<\/p>\n

Later that month, the developers received permits for the project\u2019s development, as reported by the Philadelphia YIMBY<\/em>.<\/p>\n

The project is among PCCP’s most recent industrial endeavors in the Northeast. Last week, the firm provided a $64 million construction loan for McClellan One<\/a>, a 120,584-square-foot project in Newark, N.J.\u00a0<\/p>\n

Rockefeller and Roosevelt<\/h2>\n

According to Heath Abramsohn, Rockefeller\u2019s vice president & regional director for the northeast region, the project broke ground that same December, and is expected to finish construction in the second quarter of 2025. The joint ventures\u2019 development partners of choice are NORR, which is serving as the project\u2019s architect of record, Pennoni Associates for civil engineering, and IMC Construction, which will handle general contracting.<\/p>\n

When its construction finishes, the campus\u2019 two buildings, A and B, will respectively measure out at 318,696 and 338,208 square feet. Both buildings will have interiors with 36-foot clear heights. Building A will have two drive-in doors, 49 dock doors, and 57 trailer parking spaces, while Building B will have the same number of drive-in doors, alongside 46 dock doors and 52 trailer parking spots. Additionally, both buildings will have six electric vehicle charging-enabled parking spaces.<\/p>\n

\n

READ ALSO:<\/strong> ULI Economic Forecast: Tailwinds, Hurdles or Both?<\/span><\/a><\/p>\n

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Located at 15000 Roosevelt Blvd., the property will have direct frontage to U.S. Route 1, which feeds into interchanges to the Interstates 95 and 276, respectively located 1.5 and 5 miles away. Philadelphia\u2019s Center City District is 14 miles to the southwest, while its International Airport sits roughly 6 miles further in the same direction. Nearly all of the Acela corridor lies within a day\u2019s drive of the campus, in addition to Pittsburgh, Cleveland and Columbus.<\/p>\n

Philadelphia\u2019s industrial fortitude<\/h2>\n

Despite a recent slowdown in development, Philadelphia has among the largest development pipelines<\/a> in the Northeast, clocking in at nearly 6.2 million square feet, according to CommercialEdge\u2019s most recent national industrial report. Recent high profile additions to the metro\u2019s pipeline include RLS Logistics\u2019 expansion<\/a> of a cold storage facility in Delanco, N.J., to 180,000 square feet, alongside J.G. Petrucci Co. and Cabot Properties\u2019 joint development<\/a> of a 320,250-square-foot facility in Feasterville-Trevose, Pa.<\/p>","protected":false},"excerpt":{"rendered":"

A life company provided the financing for this Philadelphia project.<\/p>\n","protected":false},"author":3012,"featured_media":1004710313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21748,11,21742,1494],"tags":[32789,34908,33542,42617,33053,33348],"class_list":["post-1004710311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-industrial","category-midatlantic","category-latest","category-philadelphia","tag-cbre","tag-cushman-wakefeld","tag-new-york-life-real-estate-investors","tag-norr-architects","tag-pccp-llc","tag-the-rockefeller-group"],"acf":[],"yoast_head":"\nRockefeller Group JV Secures $100M for Industrial Project - CPE<\/title>\n<meta name=\"description\" content=\"The Rockefeller Group and PCCP, LLC have secured $100.2 million for their joint development of a new Philadelphia project.\" \/>\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\/rockefeller-group-pccp-secure-100m-for-logistics-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rockefeller Group, PCCP Secure $100M for Logistics Center\" \/>\n<meta property=\"og:description\" content=\"The Rockefeller Group and PCCP, LLC have secured $100.2 million for their joint development of a new Philadelphia project.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rockefeller-group-pccp-secure-100m-for-logistics-center\/\" \/>\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=\"2024-04-15T12:04:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-15T18:08:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Screenshot-117.png\" \/>\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\/png\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\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\/rockefeller-group-pccp-secure-100m-for-logistics-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rockefeller-group-pccp-secure-100m-for-logistics-center\/\",\"name\":\"Rockefeller Group JV Secures $100M for Industrial Project - 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