116 Gaither Drive in Mount Laurel — Courtesy: HFF
By Joshua Burd
Investors have acquired three industrial buildings in Burlington County, thanks in part to nearly $10 million in financing secured by brokers with HFF.
In a news release, HFF said it arranged the financing on behalf of Foxfield Industrial, a partnership of Novaya Real Estate Ventures and Foxfield Ventures. The three facilities acquired by the firms total nearly 255,000 square feet and are located at 600 and 601 Delran Parkway in Delran and 116 Gaither Drive in Mount Laurel.
HFF placed the three separate floating-rate loans, which total $9.537 million, with Webster Bank. The HFF team representing the borrower included Director Mike Pagniucci and Managing Director Ryan Ade.
“The combination of quality assets and strong, experienced sponsorship attracted interest from a variety of competitive financing sources in both the Philadelphia and Boston markets,” Pagniucci said. “As a result, the borrower was provided the best options to facilitate their business plan.”
They buildings are close to Interstate 295 and the New Jersey Turnpike, providing access to Philadelphia, New York City, northern New Jersey, Baltimore and Washington D.C. The Mount Laurel properties are 91,392 and 57,104 square feet, featuring 22- to 29-foot clear heights, a total of 26 loading docks and 40-foot-by-40-foot column spacing.
The Delran property is a 106,000-square-foot warehouse and distribution facility fully leased to Food Sciences Corp., HFF said. The building features a 24-foot clear height and 13 loading doors.
Since last November, Foxfield Industrial has also acquired four industrial assets, including two other facilities in South Jersey and properties in Buffalo, New York, and Mechanicsburg, Pennsylvania. HFF secured more than $20 million in financing for those purchases.
