J.P. Morgan Lands Refinancing for 1 MSF Industrial Asset

Arcadia North. Image courtesy of Cushman & Wakefield

J.P. Morgan Global Alternatives has secured a $45 million floating rate loan for the refinancing of Arcadia North, a 1,050,701-square-foot industrial asset in Tobyhanna, Pa. Arranged by Cushman & Wakefield, the note was provided by Northwestern Mutual Life Insurance Co.

Situated at 2077 Corporate Center Drive W., Arcadia North is fully occupied by Lowe’s Home Center. The building, completed in 2020, features 105 dock doors, 316 parking spaces, 469 trailer parking spots, 36-foot clear heights and an ESFR sprinkler system.

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The property is close to Interstate 380, providing connectivity to interstates 80, 81, 83 and 84 and easy access to New York City, Pittsburgh, Baltimore and Washington, D.C. The location is also roughly 4 miles from a 1.2 million-square-foot warehouse under construction in Mount Pocono, Pa.

Cushman & Wakefield’s Equity, Debt and Structured Finance team of Steve Kohn, John Alascio, Alex Hernandez, Aaron Graves, TJ Sullivan and Jason Blankfein, secured the financing for the borrower. The Pennsylvania and New Jersey Capital Markets teams, led by Gerry Blinebury, Brendan McGeary, Gary Gabriel and Kyle Schmidt, provided support.

Southern New Jersey/Eastern Pennsylvania was the second-largest big-box region in North America at the end of 2022, with 493 million square feet of in its inventory, according to a CBRE report. The area’s development pipeline amounted to 45 million square feet as of December, only 18.3 percent of that space being preleased.