HFF Arranges Financing for South Jersey Industrial Project
The planned construction will expand the property by adding 122,000 square feet of class A, 32-foot clear, distribution space, bringing the total square footage to 235,000 square feet.
WEST DEPTFORD, NJ—Holliday Fenoglio Fowler arranged $13 million in construction refinancing for the 113,000-square-foot industrial property at 301 Grove Road in the Philadelphia-area community of West Deptford, NJ.
The HFF team of director Michael Pagniucci and senior managing director Doug Rodio worked on behalf of the borrower, Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, to secure the construction loan with Webster Bank.
In 2016, HFF arranged the acquisition financing for the borrower that was used to acquire and renovate the property. The proceeds of the new financing will retire the existing loan and fund the expansion that will double the rentable square feet of the property.
Currently, 301 Grove Road is fully leased to Bostik, a global adhesive and sealant manufacturer. The planned construction will expand the property by adding 122,000 square feet of class A, 32-foot clear, distribution space, bringing the total square footage to 235,000 square feet. Completion is expected in the spring 2019. The expansion space is perfectly situated for last-mile distribution to Philadelphia and the surrounding community. The property is less than a mile from Interstate 295 and 14 miles from Center City Philadelphia.
Foxfield Industrial is focused on the acquisition and operation of industrial properties throughout the Mid-Atlantic and the Southeast United States. Foxfield and its affiliates currently manage more than $100 million in existing assets and development projects. In the past 18 months, the joint venture has acquired 10 properties totaling one million square feet. HFF has procured financing totaling $36.5 million in debt for each of those acquisitions.