A rendering of an expanded 301 Grove Road in West Deptford — Courtesy: HFF
By Joshua Burd
A joint venture has secured $13 million to refinance and expand a 113,000-square-foot industrial building in West Deptford, in a transaction arranged by HFF.
Brokers with the firm represented the borrower, Foxfield Industrial, to source the loan for the property at 301 Grove Road. The financing, which was provided by Webster Bank, will be used to take out an existing loan and fund a project that will double the rentable square feet of the site.
HFF’s debt placement team included Director Michael Pagniucci and Senior Managing Director Doug Rodio.
The firm said 301 Grove Road is fully leased to Bostik Inc., a leading global adhesive and sealant manufacturer. The planned construction will expand the property by adding 122,000 square feet of Class A, 32-foot clear distribution space, bringing the total square footage to 235,000 square feet.
Completion is expected in spring 2019, HFF said, touting the site’s potential as a last-mile facility for distribution to Philadelphia and the surrounding community. The property is less than a mile from Interstate 295 and 14 miles from Philadelphia City Center.
Foxfield Industrial is a joint venture between Novaya Real Estate Ventures and Foxfield Ventures. HFF also worked in 2016 to secure acquisition financing for the partnership, which used the loan to acquire and renovate the property.
