A Foxfield LLC joint venture is refinancing an industrial warehouse portfolio in Lower Bucks County, Pennsylvania. The real estate developer, along with an unnamed New York-based private equity firm, landed $132.4 million loan from Affinius Capital LLC.
The property, known as Lower Bucks Logistics Hub, was just fully delivered to the market, which is near Philadelphia, this year. Previously, JLL provided a $114 million loan to Foxfield's affiliate to support the construction in 2023. Also, the broker arranged the refinancing deal.
Lower Bucks Logistics includes two Class A buildings. The northern one spans 361,000 rentable square feet, while the southern one takes up 453,000 rentable square feet. Both feature 40-foot clear heights, with the difference between the two being that the northern comes with rear loading, while the southern hosts cross dock loading.
The portfolio can provide direct connectivity to Washington, D.C. and New York in addition to Philadelphia. Routes I-95, I-276, US 1 and PA 73 are the convenient routes.
“Lower Bucks Logistics Hub is a premier industrial warehouse portfolio designed to accommodate the evolving needs of modern logistics and distribution tenants," Affinius Capital Senior Vice President Perry Katz said in a statement.
"We are pleased to have successfully completed this transaction in a challenging marketplace.”
Michael Pagniucci and Chad Orcutt arranged the refinancing on behalf of JLL.
In the second quarter, total vacancy spiked by nearly 160 basis points year-over-year to 8.63 percent, according to a report from Colliers. However, the trend may not last as just 7.7 million square feet was under construction at the end of June, the lowest seen in six years. As a result, Colliers predicts that vacancy will "gradually decline through late 2025 and into 2026."
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