Holliday Fenoglio Fowler L.P. announced Thursday the acquisition financing for a Class B warehouse distribution center in Mount Laurel.
The 112,000-square-foot property is located at 103 Central Ave. It is situated on 5.57 acres and is part of the “3M” area of Marlton, Mount Laurel and Moorestown. It is within close access to the New Jersey Turnpike and Interstate 36.
The HFF team worked on behalf of the borrower, Burton Real Estate, to place a two-year, floating-rate loan with one one-year extension. The loan will allow the borrower to purchase the property and execute its business plan, which includes leasing the currently 74 percent occupied building.
“HFF is pleased to have had the opportunity to once again secure acquisition financing on behalf of Burton Real Estate as it continues to grow its portfolio of industrial properties,” Michael Klein, HFF managing director, said.