MORRISTOWN, NJ, Jan. 9, 2024 - JLL Capital Markets announced today that it arranged joint venture equity and construction financing for a to be built industrial project on Somerton Rd. in Feasterville-Trevose, Bensalem Township, Bucks County, Pennsylvania.
JLL represented the sponsor, J.G. Petrucci Company, Inc., in arranging the joint venture with Cabot Properties, Inc. On behalf of the new venture, JLL secured a construction loan with Principal Asset Management.
4626 Somerton Road will consist of a 320,250-square-foot, Class A industrial warehouse/distribution facility featuring 36-foot clear heights, 55 tailgate doors, two drive-in doors and 50' x 54' column spacing. The building will be situated on a 19.5-acre site with 56 trailer spaces and 195 passenger vehicle parking spaces. The proposed building is ideally sized and designed to provide highly efficient warehouse space.
Bucks County is in the southeast portion of Pennsylvania and is a part of the Philadelphia-Camden-Wilmington MSA, more commonly known as the Delaware Valley. Conveniently located between Philadelphia and New York City, Bucks County is accessible to nearly every kind of transportation network available. One third of the nation's population resides within a one-day drive of Bucks County, making it a prime location for the transport of goods and services not only throughout the Eastern Seaboard, but also throughout the world. The property also has proximity to cities such as New York City (75 miles), Baltimore (120 miles), Washington D.C. (158 miles) and Boston (288 miles).
The JLL Capital Markets team was led by Senior Managing Directors Jon Mikula and John Plower, Director Ryan Cottone and Vice President Michael Lachs.
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.
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Jones Lang LaSalle Inc. published this content on 09 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 January 2024 18:07:04 UTC.
