$80.5M financing secured for development of distribution facility in Northern Virginia
JLL Capital Markets arranged construction financing for One Logistics Park building 2 in Winchester, Virginia
WASHINGTON, D.C., Dec. 12, 2022 – JLL Capital Markets announced today that it has arranged $80.5 million in construction financing for the development of One Logistics Park building 2, a 1,024,000-square-foot distribution warehouse in Winchester, Virginia.
JLL worked on behalf of the borrower, The Meridian Group (TMG), in securing the construction financing from Bank OZK and ACORE Capital, LP.
The property will be the first asset delivered within the larger master-planned One Logistics Park development, a 280-acre business park that is expected to house six or seven industrial buildings totaling 2.7 million square feet and 45,000 square feet of retail space. Once completed, building 2 will offer 40’ clear heights, 100 dock doors, 78 additional knockouts, four drive-in doors, 50’x56’ column spacing with 65’ speed bays, a 190’ truck court, 770 car parking spaces and additional trailer storage space.
Building 2 will be positioned on 76.6 acres at 1486 Millwood Pike with extensive frontage along U.S. Route 50. The property will benefit from its proximity to Interstates 81 and 66 as well as the Virginia Inland Port, which is directly served by the Port of Virginia via rail. One Logistics Park’s position within the I-81 Corridor South market will allow future tenants to easily serve more than half of the U.S. population within a day’s drive while taking advantage of the area’s relatively low-cost labor pool compared to nearby suburban D.C. and Baltimore submarkets.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Robert Carey and Senior Director Drake Greer.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Meridian Group
The Meridian Group (TMG) is a real estate investment management and development firm based in Bethesda, Md. Since its inception in 1993, TMG has acquired and developed millions of square feet of premier office, residential, hotel, industrial and mixed-use projects. The firm has a national focus and is now expanding into new markets across the country. To learn more, visit TMG’s website at tmgdc.com.
About Bank OZK
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. During the five years ended September 30, 2022, RESG originated approximately $39.33 billion in new loans. For more information, visit www.ozk.com.
About ACORE Capital, LP
ACORE Capital, LP is one of the leading U.S. commercial real estate debt managers with approximately $20 billion of assets under management. With offices in San Francisco, Los Angeles, Dallas, Miami and New York, ACORE originates, acquires and manages first mortgages, B-notes, mezzanine debt and preferred equity. Led by commercial real estate finance veterans and Co-CEOs Warren de Haan and Chris Tokarski, ACORE's success has been fueled by its long-standing industry relationships and access to a consistent pipeline of compelling origination opportunities. For more information, please visit acorecapital.com.