Middlesex Logistic Center Gets $41.15M in FinancingBy Kelly Stratton, Contributing WriterPenton Business Media
NEW JERSEYHFF has arranged $41.15 million inconstruction financing and joint venture equity for the developmentof Middlesex Logistic Center, a 570,100-sq.-ft. distribution centerin Edison. The HFF team representing the borrower was led by SeniorManaging Director Jon Mikula and Managing Director MichaelNachamkin.
HFF worked exclusively on behalf of the sponsor, JG Petrucci Co.Inc., to structure joint venture equity from institutionalinvestors advised by J.P. Morgan Asset Management. In addition, onbehalf of the partnership, HFF secured the construction loanthrough M&T Bank.
Upon completion, Middlesex Logistic Center will be a570,100-sq.-ft., LEED-certified warehouse and distribution centerlocated adjacent to Raritan Center and Heller Industrial Park nearExit 10 of the New Jersey Turnpike. Slated for completion in 2013,the property will include 36-ft. ceiling heights, 108 loadingdoors, 140-ft. truck courts and parking for 149 trailers.