JLL arranges $111M loan for Pennsylvania logistics center
The Lehigh Valley location places it within a day’s drive of 40% of the U.S. population
LOS ANGELES, March 3, 2020 – JLL Capital Markets announced today that it has arranged $111 million in financing 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 in the Lehigh Valley community of Allentown, Pennsylvania.
JLL worked on behalf of the borrower, a partnership between GLP Capital Partners (“GCP”) and Ridgeline Property Group, to place the three-year, floating-rate loan with Wells Fargo Bank.
Park 100 Logistics Center, which is being completed in two phases this year, features 36-foot clear height, 190-foot dual truck courts, ESFR sprinkler system, 56-by-50-foot column spacing, 70-foot speed bays, 982 car spaces and 376 trailer spaces. Additionally, the property is rail served via Norfolk Southern. Situated at 7352 Industrial Boulevard at the Interstate 78 and Route 100 Interchange, the facility’s Allentown location places it within 40% of the U.S. population within a day’s drive. Park 100 Logistics Center is in the Lehigh Valley Industrial market and has access to a deep labor pool.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Bill Fishel and Jon Mikula and analyst Connor Van Cleef.
“We were excited to be able to assist Ridgeline and GCP with their newest project in the Lehigh Valley,” Fishel said.
“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 added.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas (IL) LP.
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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GLP Capital Partners
GLP Capital Partners is a leading investor in and operator of modern logistics facilities and technology-led supply chain solutions throughout North America. GCP is dedicated to improving supply chain infrastructure for the world’s most dynamic manufacturers, retailers and third-party logistics companies.
About Ridgeline Property Group
Ridgeline Property Group (“RPG”) is a privately held, commercial real estate development and investment company operating throughout the United States. RPG’s regional partners have more than 125 years of combined experience in the commercial real estate industry and have developed in excess of 115 million square feet of space in 30 states. Presently, the company has more than nine million square feet of active development projects underway. Visit ridgelinepg.com to learn more.