December 19, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $23.58 million financing for Eddystone Industrial Park, a four-building industrial park totaling 465,680 square feet in the Philadelphia-area community of Eddystone, Pennsylvania.
The HFF debt team worked on behalf of Foxfield Industrial, a joint venture between Novaya Real Estate Ventures (Novaya) and Foxfield Ventures, to arrange the acquisition loan with a regional commercial bank. Loan proceeds will be used to fund the acquisition, perform capital improvements and lease up of the property.
Situated on 43.7 acres at 1001 Industrial Highway, the property is in a last-mile distribution location near the major East Coast economic centers of New York, Philadelphia and Washington, D.C. The property has easy access to Interstates 95, 295 and 476 in addition to the Pennsylvania Turnpike. Additionally, this strong logistical location is proximate to the Port of Wilmington, the only major east coast port that is serviced by two Class 1 railroads, CSX and Norfolk Southern. Eddystone Industrial Park features clear heights ranging from 18 to 60 feet, has 52 dock doors and 16 drive in doors. An additional 150,000-square-foot building could be developed on 18.43 acres of the property that is currently undeveloped land, which provides an opportunity to expand the park.
HFF’s debt placement team representing the borrower included director Michael Pagniucci and managing director Ryan Ade.