Cushman & Wakefield on Monday said the real estate services firm served as the exclusive adviser to an Ares Management Real Estate fund in the procurement of $367.83 million for the financing of the East Coast Logistics Portfolio, a 23-building industrial portfolio totaling more than 3.034 million square feet.
J.P. Morgan acted as administrative agent on the loan.
The portfolio is located throughout the Interstate 95 distribution corridor, with locations in New Jersey, Pennsylvania and Maryland. With all buildings situated within the mid-Atlantic region, the portfolio can service a large geographic range of consumers spanning multiple cities, including New York City, Philadelphia, Baltimore and Washington, D.C.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Alex Lapidus, Chuck Kohaut, T.J. Sullivan and Jason Blankfein represented the borrower in the transaction.
“We believe the East Coast Logistics Portfolio is well-situated to capitalize on the industrial sector’s rapid expansion within the mid-Atlantic region, with stable market rents and low vacancy rates,” Alascio said. “We were able to achieve competitive financing terms because of the portfolio’s ideal location throughout the most prolific industrial pockets in the country and its ability to greatly benefit from the sustained e-commerce growth.”
The East Coast Logistics Portfolio includes 2000 Bishops Gate Blvd. in Mount Laurel and 50 Route 46 East in Totowa. The portfolio is 100% leased to 41 tenants, ranging in size from 7,238 square feet to 478,715 square feet.