Two years after delivering a Class A industrial property in Philadelphia, Bridge Industrial has secured a $156 million loan to refinance it.
The financing was provided in partnership by Canyon Partners Real Estate LLC and J.P. Morgan. CBRE facilitated the loan for the site known as Bridge Point Philadelphia.
"We were pleased to work closely with Canyon, whose efforts were instrumental in efficiently completing this financing," Steve Roth of CBRE said in a statement.
"Their collaborative approach ensured a smooth execution and a successful outcome for all parties involved."
The 889,300 square foot property was first delivered in 2024 and benefits from the city's strong fundamentals. Philadelphia ranks as a top 10 industrial market in the country, with the area hosting a range of logistics, distribution and retail operators, according to Canyon Partners. Plus, the metro continues to enjoy "steady" population growth and employment creation, it added.
Bridge Point is two miles away from the Port of Philadelphia, seven miles from Downtown Philadelphia and is within proximity of the Philadelphia International Airport.
Some features of the two building property include rear-load and cross-dock configurations, adaptability for multi-tenants and a surplus of trailer parking.
Outside of Philadelphia, Bridge Industrial operates properties in other major cities in the country, including Chicago, Los Angeles, Seattle, New York and Miami. Throughout the U.S. and the U.K., the company has developed and acquired more than 76 million square feet of industrial product.
The beginning of the year has marked a strong start for the industrial sector as a whole. Nationally, rents in January rose by 5.1 percent year-over-year to $8.94 per square foot. Atlanta led the nation in rent growth with an 8% increase over the past 12 months, followed by Miami and Tampa at 7.4% and Philadelphia at 6.8%.
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