||United States : HFF announces acquisition financing for Industrial Building Near Philadelphia
||Holliday Fenoglio Fowler, L.P. (HFF) announces the acquisition financing for 103 Central, a highly divisible, Class B+, 112,000-square-foot warehouse distribution center located in the Philadelphia-area community of Mount Laurel Township, New Jersey.
The HFF team worked on behalf of the borrower, Burton Real Estate (BRE), to place a two-year, floating-rate loan with one one-year extension. The loan will enable the borrower to purchase the property and execute its business plan, which includes leasing up the currently 74-percent-occupied building. This financing comes on the heels of another recently announced transaction on behalf of BRE, 405 Heron Drive, which is also a suburban Philadelphia industrial property.
Situated on 5.57 acres, 103 Central is part of the 3M area of Marlton, Mount Laurel and Moorestown less than one mile from the New Jersey Turnpike and Interstate 36. The propertys location allows tenants access to 19 major U.S markets and nearly 40 percent of the U.S. population within 24 hours. It is also positioned within 200 miles of three major ports, Ports of Newark/Elizabeth, Philadelphia and Baltimore, and is less than one mile from Interstate 295 (Exit 36) and New Jersey Turnpike (Exit 4), making it a highly desirable location. The one-story property features 18-foot clear heights and a combination of exterior and interior loading docks.
The HFF debt placement team representing the borrower included managing director Michael Klein.
HFF is pleased to have had the opportunity to once again secure acquisition financing on behalf of Burton Real Estate as it continues to grow its portfolio of industrial properties, Klein said.
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
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