PGIM JV Obtains $180M Loan for New Jersey Project
This suburban Philadelphia logistics facility is scheduled for delivery in the fourth quarter.
Affinius Capital LLC has originated a $180 million loan to finance the ground-up development of Garden State Logistics Center, a 1.7 million-square-foot industrial complex currently under construction in Pennsville Township, N.J.
The borrower/developer is a joint venture of PGIM Real Estate and CTR Partners, an industrial real estate investment and development company led by James Watson, Dominic Petrucci and Carter Ewing.
The Garden State Logistics Center is on I-295 and adjacent to the Delaware Memorial Bridge, minutes to I-95 and able to serve 66 million consumers within a one-day truck drive.
Garden State Logistics Center. Image courtesy of Affinius Capital LLC
The project’s two distribution buildings measure 1.2 million and 512,442 square feet; both feature 40-foot clear heights and either cross-dock or front-loaded configurations. The 282-acre site will also accommodate 2,568 car and trailer parking spaces and a total of 276 dock doors. Vertical construction has begun, and delivery is scheduled for the fourth quarter.
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In a prepared statement, Affinius Capital Managing Director David Greenburg highlighted the market’s strong industrial fundamentals and the site’s strategic position along major thoroughfares that allow tenants convenient access to the country’s densest populations, including Philadelphia, Washington, D.C., and New York City.
The project was first announced in May of last year. The site was previously home to a coal-fired power plant and had to be remediated according to a plan approved by the New Jersey Department of Environmental Protection.
Affinius Capital was previously known as USAA Real Estate and as Square Mile Capital Management. It’s an integrated institutional real estate investment firm with $34 billion in net assets under management and a diversified portfolio across North America and Europe.
Even more space?
Warehouse and distribution space in the Salem County, N.J., (metro Philadelphia) industrial market has a total availability of 29.3 percent on an inventory of about 6.4 million square feet, according to a first-quarter report from JLL.
Even so, a remarkable total of nearly 2.7 million square feet of further space is currently under construction in Salem County, JLL also reported.
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