2000 Bishops Gate in Mount Laurel — Courtesy: JLL
By Joshua Burd
The owner of a multistate portfolio with more than 3 million square feet of industrial space has obtained nearly $370 million in financing for the assets, according to Cushman & Wakefield.
In a news release, the real estate services firm said it advised an Ares Management Real Estate fund in procuring the debt for the 23 properties, which span New Jersey, Pennsylvania and Maryland. The fully leased portfolio includes 2000 Bishops Gate Blvd. in Mount Laurel, 50 Route 46 East in Totowa and 3201 Pennsy Drive in Landover, Maryland.
C&W’s John Alascio, Alex Hernandez, Alex Lapidus, Chuck Kohaut, TJ Sullivan and Jason Blankfein represented the borrower in the roughly $367.8 million deal. J.P. Morgan acted as administrative agent on the loan.
“We believe the East Coast Logistics Portfolio is well-situated to capitalize on the industrial sector’s rapid expansion within the Mid-Atlantic region with stable market rents and low vacancy rates,” Alascio said. “We were able to achieve competitive financing terms because of the portfolio’s ideal location throughout the most prolific industrial pockets in the country and its ability to greatly benefit from the sustained e-commerce growth.”
In announcing the deal, Cushman said the 3.03 million-square-foot portfolio is home to 41 tenants ranging in size from 7,238 to 478,715 square feet. The buildings are located throughout the Interstate 95 distribution corridor, allowing users to service consumers spanning multiple cities including New York City, Philadelphia, Baltimore and Washington, D.C.
