200 Progress Court in Logan Township — Courtesy: JLL
By Joshua Burd
A food manufacturer has landed a $23 million acquisition loan for a nearly 210,000-square-foot warehouse and distribution center in Logan Township, brokers with JLL said Thursday.
The lender, an undisclosed life insurance company, provided the fixed-rate financing to Chelten House Products in connection with the facility at 200 Progress Court, according to a news release. JLL Senior Managing Director Michael Klein, Director Max Custer and Vice President Michael Lachs led the team that represented the borrower, noting that the five-year-old property sits on 88 acres and has clear heights ranging from 36 to 40 feet, with 12 dock-height truck loading doors, two drive-in doors and two rail-dock doors.
“We are pleased to have assisted Chelten House Products in arranging acquisition financing for 200 Progress Court,” Custer said. “The acquisition will allow Chelten House to continue with its strategic growth plan.”
JLL added that the 209,437-sqaure-foot property includes 10,500 square feet of office space and parking for 336 cars and 22 trailers. The site, which has around 17 acres approved for future development, provides access to 19 major markets and nearly 40 percent of the U.S. population within a 24-hour drive via highways such as the New Jersey Turnpike and Interstate 295.
According to its website, Chelten House has focused on organic products for more than 25 years. Its focus includes dressings, sauces and other condiments.
