A rendering of a new 340,000-square-foot industrial development at 10 Princess Road in Lawrence Township by Penwood Real Estate Investment Management LLC and Metrix Real Estate Services LLC — Courtesy: JLL
By Joshua Burd
The developers of a 340,000-square-foot industrial building in Mercer County have secured nearly $17 million in construction financing, under a newly announced transaction by JLL.
The real estate services firm represented the borrowers, Penwood Real Estate Investment Management LLC and Metrix Real Estate Services LLC, in sourcing the loan for its speculative project at 10 Princess Road in Lawrence Township. Wells Fargo Bank is providing the $16.76 million loan, which has a three-year term with two one-year extension options.
“JLL is pleased to have placed another loan on behalf of Penwood Real Estate Investment Management and to work with Metrix on its first development project,” said Michael Klein, a senior managing director with JLL, who completed the transaction with Analyst Connor Van Cleef. “This location will provide prospective tenants with exceptional regional access due to its proximity to I-95 and its frontage along I-295. The construction specs check all the boxes for today’s modern industrial users.
“Given the strength of the overall industrial market, this speculative project will likely be fully leased well in advance of construction completion.”
Sitting on 31 acres, the project is now under construction inside a business park to the northeast of Trenton and southwest of Princeton. The cross-dock industrial building will feature 40-foot clear ceiling heights, 2,000 square feet of office space, 103 dock-high loading positions, 69 trailer parking stalls and four drive-in doors.
The expected completion date is June 2020, JLL said, citing the project’s location at the four-way interchange of Interstate 295 and Princeton Pike. The location is midway between the ports of New York and New Jersey and Philadelphia, which are both about 50 miles away.