By Joshua Burd
PGIM Real Estate has closed more than $129 million in financing to the developer of a new 1.2 million-square-foot industrial property in Cinnaminson, the company announced Monday.
According to a news release, Logistics Property Co. will use the funds to pay off the existing construction loan for Box Park Logistics Center at 995 Taylors Lane, roughly a mile from Route 130. The $129.12 million senior loan from PGIM will also support future tenant improvement and leasing commission costs.
Newark-based PGIM originated the bridge financing through its core-plus strategy, noting that the deal marks its 27th industrial loan as of Sept. 30, 2024, bringing its portfolio to $2.5 billion.
“As ecommerce continues to drive demand for modern logistics and distribution centers, PGIM Real Estate sees opportunity in capitalizing high-quality, state-of-the-art assets with the potential for long-term stability,” said Paul Geyer, managing director at PGIM Real Estate, who led the financing for the firm. “The greater Philadelphia area’s infrastructure and proximity to major hubs help to keep properties such as Box Park in high demand, making this an ideal time to lend on a new asset in a market with a proven track record and strong future upside. We appreciate our continued relationship with the LogiPropCo team.”
