Affinius Capital LLC announced Monday that it 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. The loan was made to a joint venture between PGIM Real Estate and CTR Partners, a nationwide industrial real estate investment and development company led by James Watson, Dominic Petrucci and Carter Ewing.
Affinius Managing Director David Greenburg commented: “The Garden State Logistics Center transaction offers what we believe is a compelling opportunity to provide construction financing in a market with strong industrial fundamentals. The property is strategically positioned along major thoroughfares that allow tenants convenient access to the country’s densest populations, including Philadelphia, Washington, D.C., and New York City. We expect the project to be well-received by the market and look forward to our partnership with CTR and PGIM Real Estate on this venture.”
The Garden State Logistics Center, at the southern gateway to New Jersey on Interstate 295 and adjacent to the Delaware Memorial Bridge, is minutes to Interstate 95 and able to serve 66 million consumers in a day’s truck drive. The two distribution buildings, measuring 1.2 million square feet and 512,442 square feet, respectively, both offer 40-foot clear heights and either cross-dock or front-loaded building configurations. The 282-acre project site will also accommodate 2,568 car and trailer parking stalls, and a total of 276 dock doors. Vertical construction has commenced with an estimated delivery in the fourth quarter.
