A rendering of the Logan North Industrial Park in Logan Township — Courtesy: Cushman & Wakefield
By Joshua Burd
A development team has secured a nearly $43 million construction loan for the second phase of a 3.2 million-square-foot industrial park project in Logan Township.
According to Cushman & Wakefield, which sourced the financing on behalf of Advance Realty Investors and Greek Development, the funds will support the construction of two speculative buildings spanning 164,112 and 326,937 square feet. Wells Fargo is providing the $42.6 million loan for what the next piece of the Logan North Industrial Park, which sits at 2858 Route 322.
“Building off the success of the first phase of this project, where our client secured long-term leases from Target and Lineage Logistics prior to construction, we experienced a robust financing market for the second phase of this transformative project,” C&W’s John Alascio said. “The combination of top tier sponsorship and unparalleled location in the most densely populated region of the country made for a competitively bid process that yielded an exceptionally strong outcome for the Advance and Greek partnership.”
The C&W team representing the developers included Alascio, Chuck Kohaut and TJ Sullivan. They noted that the next two buildings, A and F, will feature 36-foot clear ceiling heights, ample dock doors and abundant trailer and car parking capacity, capitalizing on a location near the New Jersey Turnpike and Interstate 295.
Part of a fast-growing southern New Jersey industrial market, Logan North will ultimately span 10 buildings across 415 acres. The three-building, 1.6 million-square-foot first phase was completed with the help of a nearly $103.5 million construction loan, secured by C&W last summer, leading to the leases with Target and Lineage Logistics.
