125 Pompton Plains Crossroad in Wayne
By Joshua Burd
March Construction has filled some 70,000 square feet of new warehouse space in Wayne after a recent lease with a fast-growing importer of nuts, dried fruits, herbs and spices.
The developer, which is based in the township, secured the deal with Silk Road Wholesale and Distributors after successfully redeveloping a six-acre site at 125 Pompton Plains Crossroad. It also recently refinanced the property under a deal arranged by G.S. Wilcox & Co., the mortgage banking firm, securing a $15 million loan from a life insurance company.
Cushman & Wakefield’s Tom Tucci and Torsten Thaler served as the property’s leasing agent, part of a team that also included Bohler and Anderson Design Group. The project has revitalized a former storage yard for trucks and other equipment while capitalizing on the site’s location less than a half-mile from both Route 23 and Route 202.
Features include 40-foot clear ceiling heights, 12 loading docks, 1 drive-in door, 39 car parking spaces and 3,000 square feet of mezzanine office space.
“This site has been an eyesore in town forever and is very favorably located for a warehouse development,” Louie March, managing director of asset management for Wayne-based March Construction, said in early 2024 ahead of the groundbreaking for the facility. “We are proud to bring another first-class project to Wayne and excited to get started.”
Bridget Wilcox, a partner with G.S. Wilcox, sourced the project’s initial $11.6 million loan with Kearny Bank. She and Al Raymond, a principal with the firm, also arranged the latest financing transaction through a correspondent life insurance company, one of two new deals announced Tuesday by the mortgage banker.
“We are pleased to see the completion of both transactions on the behalf of our repeat clients,” Wilcox said in a prepared statement. “The closing on the property in Wayne comes full circle, having arranged the spec construction loan on behalf of the borrower and successfully executing a cash-out refinance upon lease execution.”
March Construction set to break ground on new 70,000 sq. ft. industrial building in Wayne
