Monday, June 12, 2023

Affinius Capital Secures $180 Million in Financing for South Jersey Logistics Park

 By Linda Moss CoStar News

Affinius Capital has secured a $180 million construction loan to finance the continued development of the Garden State Logistics Center, a 1.7 million-square-foot industrial complex in Pennsville Township, New Jersey.

The loan was made to a joint venture between Newark, New Jersey-based PGIM Real Estate and CTR Partners, a national industrial real estate investment and development company based in Newport Beach, California, and led by James Watson, Dominic Petrucci, and Carter Ewing, Affinius said Monday in a statement.

Despite a slowdown in industrial demand nationally, that sector in the Garden State continues to perform strongly. Vacancy rates remain low, and construction of logistics projects continues in both the northern and southern parts of the state.

In May last year, PGIM announced that it and its partner had acquired a 282-acre site at 373 N. Broadway, at the foot of the Delaware Memorial Bridge, for its two-building distribution center.

The Garden State Logistics Center, at the southern gateway to New Jersey on Interstate 295, is able to serve 66 million consumers in a day’s truck drive, according to Affinius, which is headquartered in San Antonio. It will have one building that's 1.2 million square feet and another that's 512,000 square feet. Both will feature 40-foot-high clear ceiling heights and either cross-dock or front-loaded building configurations. The site will also accommodate 2,568 car and trailer parking stalls, and a total of 276 dock doors.

Vertical construction has started and is expected to be completed in the fourth quarter this year.

"The property is strategically positioned along major thoroughfares that allow tenants convenient access to the country’s densest populations, including Philadelphia, Washington, D.C., and New York City," Affinius Managing Director David Greenburg said in the statement. "We expect the project to be well received by the market and look forward to our partnership with CTR and PGIM Real Estate on this venture.”

Affinius, previously known as USAA Real Estate and Square Mile Capital Management, has $34 billion in net assets under management.

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