News release

$56.3M loan secured for Philadelphia-MSA industrial development

JLL Capital Markets arranged the construction financing for the 525,000-square-foot Tri-State Industrial facility in Claymont, Delaware

August 29, 2023

Alli Semans

Hotels & Hospitality and Capital Markets PR
+1 330 329 6750

PHILADELPHIA, Aug. 29, 2023 –  JLL Capital Markets announced today that it arranged a $56.3 million construction loan from Principal Asset ManagementSM for the development of Tri-State Industrial, a state-of-the-art, 525,000-square-foot, Class A industrial warehouse facility in the Philadelphia MSA in Claymont, Delaware.

JLL represented the borrower, KPR Centers, LLC and PCCP, LLC, to secure the loan through Principal Asset ManagementSM.

Tri-State Industrial will feature 40-foot clear heights, 50’x50’ column spacing with 60-foot at speed bay, ESFR fire protection system, LED lighting, 130-foot truck courts with 70-foot concrete aprons, four drive-in ramps with overhead doors and ample trailer and car parking. A loop road will provide full, counter-clockwise circulation to all 99 dock doors.

Located at 401 Naamans Rd., the property is strategically positioned with immediate access to I-95 and I-495 and Commodore Barry Bridge, providing connectivity to the NJ Turnpike. Tri-State Industrial will benefit from multi-directional highway access, as well as a deep labor pool. Given its proximity to I-95, the Philadelphia and Wilmington Ports and the population bases of Wilmington, Philadelphia and Southern New Jersey, this location is a true final mile and mission critical location. The property offers direct access to over 1.3 million consumers within 30 minutes.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Chris Drew, Senior Director Mike Pagniucci and Director Michael DiCosimo.

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.

For more news, videos and research resources, please visit JLL’s newsroom.


About KPR Centers, LLC

KPR has a defined strategy of acquiring retail and industrial properties within select markets that offer a compelling opportunity to create value. We are a vertically integrated investor with in-house retail leasing, management and development operations tailored to maximize value through proactive leasing, repositioning, and redevelopment of our properties. Established in 2003, KPR has since expanded its footprint in 15 states within the greater New England, New York State, Mid-Atlantic, and Southeast submarkets. For additional information, visit



PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments.  PCCP has $22.5 billion in assets under management on behalf of institutional investors.  With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 25-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements.  PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $38.1 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.  PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at


About Principal Asset ManagementSM

With public and private market capabilities across all asset classes, Principal Asset Management and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.1 Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $525.2 billion in assets1 and recognized as a “Best Places to Work in Money Management”2 for 11 consecutive years. Learn more at

[1] As of June 30, 2023

[2] Pensions & Investments, “The Best Places to Work in Money Management”, among companies with 1,000 or more employees, December 2022.


About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit