Principal Asset Management Lends $56M on Philly Industrial Facility
The state-of-the-art industrial project outside Philadelphia provides easy access to I-95 & I-495
By Brian Pascus August 30, 2023 2:09 pm
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KPR Centers and PCCP have secured $56.3 million in construction financing to develop a 525,000 square foot, state-of-the-art industrial center just outside Philadelphia.
Principal Asset Management provided the construction financing, while JLL (JLL) Capital Markets arranged the loan. The terms of the loan were not disclosed. The JLL Capital Markets Debt Advisory team on the transaction was spearheaded by senior managing director Chris Drew, senior director Mike Pagniucci and director Michael DiCosimo.
The upcoming class-A industrial warehouse facility is to be called Tri-State Industrial.
Located at 401 Naamans Road in Claymont, Del., about 20 minutes from Philadelphia and within the City of Brotherly Love’s metropolitan statistical area, Tri-State Industrial will be connected to multi-direction highway access via I-95 and I-495, with the Commodore Barry Bridge serving as the immediate link to New Jersey Turnpike access.
Due to its proximity to both Philadelphia, Wilmington, and the suburbs of southern New Jersey, Tri-State Industrial is no further than 30 minutes away from a population base of 1.3 million, making it an attractive hub for last-mile industrial.
The development team at PCCP and KPR Centers expects the facility to offer state-of-the-art features for its industrial clients. This will include 40-foot clear heights, 50 by 50 foot column spacing and at least four drive-in ramps . Other features include a early suppression, fast response fire protection system, LED lighting, and a loop round with full counter-clockwise circulation tracks upon entry and departure.
Since its founding 20 years ago by Dan Katz, KPR Centers has created a footprint across 15 states, mainly in the mid-Atlantic region. The firm handles investments, finance, development, and leasing across CRE asset classes. KPR recently acquired 35 grocery-anchored shopping centers from Cedar Realty Trust for $879 million, and a 760,000 square foot retail center in Philadelphia for $161 million, according to the firm’s website.
PCCP is a real estate finance and investment firm with more than $22.5 billion assets under management. The firm has offices in New York, San Francisco, Atlanta and Los Angeles, and has grown to raise or invest $38.1 billion of capital since its founding in 1998.
Brian Pascus can be reached at bpascus@commercialobserver.com
