C&W secures $42.6M in financing for spec 2nd phase of Logan industrial project

Cushman & Wakefield has secured $42.6 million in industrial construction financing for the second phase of a project in Logan Township, it announced this week.

The real estate firm said it advised the development partnership of Advance Realty Investors and Greek Development on the procurement of funding for Logan North Industrial Park, a 3.2 million-square-foot, Class A facility. The new financing will enable the construction of Building A and Building F, which will measure 164,112 and 326,937 square feet, respectively.

Wells Fargo provided the financing.

The Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut and T.J. Sullivan represented the borrower in the transaction.

“Building off the success of the first phase of this project, where our client secured long-term leases from Target and Lineage Logistics prior to construction, we experienced a robust financing market for the second phase of this transformative project,” Alascio said in a prepared statement. “The combination of top-tier sponsorship and unparalleled location in the most densely populated region of the country made for a competitively bid process that yielded an exceptionally strong outcome for the Advance and Greek partnership.”

The Logan North Industrial Park, at 2858 Route 322, will eventually include 10 buildings situated on 415 acres. Both Buildings A and F will be built on a speculative basis.

In July 2020, Cushman & Wakefield arranged $103.5 million in construction financing for the first phase of the project, which included a total of 1.6 million square feet in Buildings H, I and E. The three facilities are now complete and 100% leased to Target and Lineage Logistics, respectively.