Pennsylvania Logistics Center Project Secures $111M Financing Deal
The firms secured a three-year, floating-rate loan with Wells Fargo Bank for Park 100 Logistics Center, a newly constructed 730,080-square-foot distribution facility and an adjacent 811,200-square-foot production facility that is under construction.
ALLENTOWN, PA—A partnership between GLP Capital Partners and Ridgeline Property Group has secured $111 million in financing for its Park 100 Logistics Center project here currently in development.
The firms secured a three-year, floating-rate loan with Wells Fargo Bank for Park 100 Logistics Center, a newly constructed 730,080-square-foot distribution facility and an adjacent 811,200-square-foot production facility that is under construction. Ridgeline Property Group is based in Atlanta, while GLP Capital is headquartered in Santa Monica, CA.
JLL Capital Markets worked on behalf of the borrower in securing the financing deal with Wells Fargo Bank.
Park 100 Logistics Center is being completed in two phases this year and features 36-foot clear height, 190-foot dual truck courts, ESFR sprinkler system, 56-foot by-50-foot column spacing, 70-foot speed bays, 982 car spaces and 376 trailer spaces. The property is rail served via Norfolk Southern.
The Lehigh Valley industrial property is situated at 7352 Industrial Boulevard at the Interstate 78 and Route 100 interchange. Ridgeline Property Group announced plans for the redevelopment of the former 92-acre Kraft property in 2017.
The JLL Capital Markets team representing the borrower was led by senior managing directors Bill Fishel and Jon Mikula and analyst Connor Van Cleef.
“The Lehigh Valley continues to be a significant and important location for distribution in the Northeast and Mid-Atlantic states, and lenders are actively seeking opportunities to participate,” Mikula says.