Holliday Fenoglio Fowler, L.P. (HFF) arranges $10 million in financing for the acquisition and repositioning of a 305,250-square-foot, Class A industrial warehouse property in Mount Laurel.
HFF worked on behalf of the borrower, a partnership between affiliates of Endurance Real Estate Group and Thackeray Partners, to secure the financing through an institutional lender.
Situated on 43.48 acres at 2000 Bishops Gate Boulevard, the building is located within the 1.45 million-square-foot, master-planned Bishops Gate Corporate Center and is at the intersection of Route 38 and Interstate 295 (the New Jersey Turnpike), which provides access to central and northern New Jersey. The property, which is part of the South Burlington County Industrial submarket, is in the “3M” area of Marlton, Mount Laurel and Moorestown approximately 20 miles east of downtown Philadelphia. The 2000 Bishops Gate Boulevard building is currently available for lease and has a 30’ clear height, 55’ by 50’ column spacing and 25 loading docks with one compactor door and two drive-in doors. After the repositioning, the property will be reconfigured to increase the amount of warehouse space and reduce the amount of existing office space to meet the immediate market demand for Class A bulk distribution warehouse space in southern New Jersey.
The HFF team representing the borrower was led by managing director Ryan Ade, senior managing director Kevin MacKenzie and director Campbell Roche.
“HFF was pleased to obtain favorable financing on behalf of our clients, Endurance and Thackeray, for their acquisition in Mount Laurel,” Ade said. “The strength of the real estate and location along with the quality of the sponsorship attracted lenders and led to a favorable outcome.”Related Articles: