PHILADELPHIA, Aug. 29, 2023 - JLL Capital Markets announced today that it arranged a $56.3 million construction loan from Principal Asset ManagementSM for the development of Tri-State Industrial, a state-of-the-art, 525,000-square-foot, Class A industrial warehouse facility in the Philadelphia MSA in Claymont, Delaware.
JLL represented the borrower, KPR Centers, LLC and PCCP, LLC, to secure the loan through Principal Asset ManagementSM.
Tri-State Industrial will feature 40-foot clear heights, 50'x50' column spacing with 60-foot at speed bay, ESFR fire protection system, LED lighting, 130-foot truck courts with 70-foot concrete aprons, four drive-in ramps with overhead doors and ample trailer and car parking. A loop road will provide full, counter-clockwise circulation to all 99 dock doors.
Located at 401 Naamans Rd., the property is strategically positioned with immediate access to I-95 and I-495 and Commodore Barry Bridge, providing connectivity to the NJ Turnpike. Tri-State Industrial will benefit from multi-directional highway access, as well as a deep labor pool. Given its proximity to I-95, the Philadelphia and Wilmington Ports and the population bases of Wilmington, Philadelphia and Southern New Jersey, this location is a true final mile and mission critical location. The property offers direct access to over 1.3 million consumers within 30 minutes.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Chris Drew, Senior Director Mike Pagniucci and Director Michael DiCosimo.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
Attachments
Disclaimer
Jones Lang LaSalle Inc. published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 16:53:40 UTC.
