A rendering of 256 Vanderpool St. in Newark — Courtesy: HFF
By Joshua Burd
HFF has secured $16.2 million in financing for the development of a 290,063-square-foot, speculative industrial building near Newark’s port district.
The distribution center, which is rising at 256 Vanderpool St., is moving forward with the help of the construction loan from Principal Real Estate Investors, HFF said in a news release. The firm brokered the financing on behalf of the developer, a joint venture of Penwood Real Estate Investment Management LLC and Penford Group.
The HFF debt team included Managing Director Michael Klein and Director Matthew Pizzolato.
“HFF is pleased to have secured another loan on Penwood’s behalf as it continues to expand its presence in the Northern New Jersey Industrial market,” Klein said. “Principal has been making loans on industrial properties in this market for a long time and has a firm grasp of the market’s fundamentals and the property’s attributes and was able to get comfortable making a construction loan on a speculative development.
“Given the property’s accessibility to major highways, the port, airport and deep labor pool from which a future tenant will benefit, the investment was an ideal fit for their portfolio.”
Penwood is partnering in the project through its fourth value-added investment vehicle, Penwood Select Industrial Partners IV L.P. The complex will sit on a nearly 15-acre site with quick access to Interstate 78 and a location that is less than two miles from Port Newark-Elizabeth.
The building will feature 40-foot clear heights, 64 loading docks, 79 trailer stalls and 8,702 square feet of office space, the news release said.
