By Joshua Burd
An investment group has landed $45 million to refinance a nearly 1.1 million-square-foot industrial building in Pennsylvania’s Poconos region, about 25 miles outside New Jersey, in a deal arranged by Cushman & Wakefield.
According to the debt placement team, Northwestern Mutual Life Insurance Co. provided the floating rate loan to institutional investors advised by J.P. Morgan Global Alternatives. The financing is secured by the recently built, 1.05 million-square-foot facility known as Arcadia North, at 2077 Corporate Center Drive West in Tobyhanna.
The Cushman & Wakefield equity, debt and structured finance team of Steve Kohn, John Alascio, Alex Hernandez, Aaron Graves, TJ Sullivan and Jason Blankfein arranged the deal with support from the firm’s Pennsylvania and New Jersey capital markets teams, including Gerry Blinebury, Brendan McGeary, Gary Gabriel and Kyle Schmidt, represented the borrower in the transaction.
“Arcadia North is an exceptional industrial facility fully leased to Lowe’s Home Centers,” Hernandez said. “This state-of-the-art property offers outstanding features and benefits from excellent connectivity to major highways, making it an attractive investment opportunity in one of the most robust consumer regions on the East Coast.”
Built in 2020, Arcadia North has 36-foot clear ceiling heights, four drive-in doors, 105 dock doors and parking for 316 cars and 469 trailers. Cushman noted that users at the property have quick access to interstates 81, 80, 83, 84 and 380, providing connectivity to New York City, Washington D.C., Philadelphia, Pittsburgh and Baltimore within a five-hour drive.