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| 103 Central warehouse distribution center, Mount Laurel Township, NJ |
FLORHAM PARK, NJ –– Holliday
Fenoglio Fowler, L.P. (HFF) announces the acquisition financing for 103
Central, a highly divisible, Class B+, 112,000-square-foot warehouse distribution
center located in the Philadelphia-area community of Mount Laurel Township, New
Jersey.
The HFF team worked on behalf of the borrower,
Burton Real Estate (BRE), to place a two-year, floating-rate loan with one
one-year extension.
The loan will enable the borrower to purchase
the property and execute its business plan, which includes leasing up the
currently 74-percent-occupied building. This financing comes on the heels
of another recently announced transaction on behalf of BRE, 405 Heron Drive, which is also a suburban Philadelphia
industrial property.
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| Michael Klein |
Situated on 5.57 acres, 103 Central is part of
the “3M” area of Marlton, Mount Laurel and Moorestown less than one mile from
the New Jersey Turnpike and Interstate 36.
The property‘s location allows tenants
access to 19 major U.S markets and nearly 40 percent of the U.S. population
within 24 hours.
It is also positioned within 200 miles of three
major ports, Ports of Newark/Elizabeth, Philadelphia and Baltimore, and is less
than one mile from Interstate 295 (Exit 36) and New Jersey Turnpike (Exit 4),
making it a highly desirable location.
The one-story property features 18-foot clear
heights and a combination of exterior and interior loading docks.
The HFF debt placement team representing the
borrower included managing director Michael Klein.
“HFF is pleased to have had the opportunity to
once again secure acquisition financing on behalf of Burton Real Estate as it
continues to grow its portfolio of industrial properties,” Klein said.
HFF and Holliday GP Corp. are licensed New
Jersey real estate brokers.
Burton Real Estate is a privately held real
estate investment firm specializing in the acquisition, management, and
potential redevelopment of both performing and under performing properties in
the United States.
For more information, please contact:
KIMBERLY STEELE
HFF Digital
Content/Public Relations Specialist
(713) 852-3420
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