Argentic Supplies $65M Acquisition Loan on Pennsylvania Distribution Center
By Andrew Coen February 21, 2024 12:46 pm
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A joint venture between Lightstone and an affiliate of Cerberus Capital Management has secured $65 million of acquisition financing for the purchase of an industrial property in central Pennsylvania, Commercial Observer has learned.
A fund managed by Argentic Investment Management provided the loan on the sponsorship’s newly acquired 812,425-square-foot distribution center in Mechanicsburg, Pa. The JV acquired the 2002-constructed warehouse, called 360 Independence, for $78.5 million from an undisclosed seller.
Mitchell Hochberg, president of Lightstone, said the partnership with Cerberus on the transaction is part of its strategy to “capitalize on prime institutional quality locations across the country.”
Located at 360 Independence Avenue, the distribution center sits on a 44.3-acre lot eight miles southwest of Harrisburg. The property features 329 parking spaces, 109 trailer stalls and a 195-foot truck court. It is leased to Reckitt Benckiser Group, a British consumer goods company.
JLL (JLL) arranged the JV and debt transaction with a team led by Peter Rotchford, Andrew Scandalios, Michael Pagniucci and Tyler Peck. The sale was led by JLL’s John Plower and Ryan Cottone.
Spokespeople at Argentic and Cerberus did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
