Plans for Garden State Logistics Park in Pennsville call for warehouses of 1,200,507 and 512,442 square feet, in a location just south of the Delaware Memorial Bridge. — Courtesy: Affinius Capital LLC
By Joshua Burd
A joint venture has secured a $180 million construction loan for what will be a two-building, 1.7 million-square-foot industrial park just off the Delaware Memorial Bridge in Salem County.
The lender, Affinius Capital LLC, announced Monday that it has originated the financing to PGIM Real Estate and CTR Partners, the team behind what’s known as Garden State Logistics Park in Pennsville. The firm added that vertical construction is now underway at the 282-acre site at 373 North Broadway, adjacent to Interstate 295, with delivery slated for the fourth quarter of this year.
“The Garden State Logistics Center transaction offers what we believe is a compelling opportunity to provide construction financing in a market with strong industrial fundamentals,” said David Greenburg, a managing director with Affinius Capital. “The property is strategically positioned along major thoroughfares that allow tenants convenient access to the country’s densest populations, including Philadelphia, Washington, D.C., and New York City. We expect the project to be well received by the market and look forward to our partnership with CTR and PGIM Real Estate on this venture.”
Led by James Watson, Dominic Petrucci and Carter Ewing, CTR Partners announced last spring that it had acquired the former power plant property in the township’s Deepwater section. Its plans call for buildings of about 1.2 million and 512,442 square feet, both of which will have 40-foot clear ceiling heights and either cross-dock or front-loaded building configurations.
The lender added that the site will have 2,568 car and trailer parking stalls, with a total of 276 dock doors. CTR expects to draw tenants with a location at the southern gateway of New Jersey on I-295 and adjacent to the Delaware Memorial Bridge, where they will be minutes from Interstate 95 and able to serve 66 million consumers in a day’s drive.
