- DC

1,023,000 s/f at 200 Technology Dr. in CenterPoint Commerce & Trade Park East Mericle is constructing record- breaking industrial spec building

ISSUE HIGHLIGHTS Volume 30, Issue 17 Sept. 14 - 27, 2018

ENKINS TOWNSHIP, PA — Mericle Commercial Real Estate Services is constructing a 1,023,000 s/f speculative industrial building at 200 Technology Drive in Cen- terPoint Commerce & Trade Park East, Jenkins Township, Pennsylvania. The project was announced by Mericle presi- dent Robert K. Mericle . The building is scheduled to be completed before the end of the year and will be the largest industrial facility ever constructed on speculation in Northeastern Pennsylvania. Robert Mericle said he de- cided to construct the building because of how popular Center- Point and Northeastern Penn- sylvania have become with companies seeking a strategic location for a new distribution center. Mericle listed Amazon.com, Home Depot, Lowe’s, Neiman Marcus, Corning, Kimberly Clark, Isuzu, Tailored Brands, Benco Dental, Jerry’s Sports Center, and FedEx Smart- Post as among the firms that J

Mericle also noted the project site has room for close to 1,000 trailers and more than 1,000 employee parking spaces. All major utilities serve the site including fiber and there is strong water pressure. More than 700,000 people live within 30 miles of 200 Technology Dr. “There are sev- eral excellent training grants programs available to help com- panies staff their operations”, said Mericle. Because the park is located immediately off of two inter- states just 10 minutes from Scranton and Wilkes-Barre – the region’s two largest cities – tenants are able to maximize labor draw. 200 Technology Dr. began as a ReadyToGo! ™ Site. For each ReadyToGo! Site, Mer- icle clears, grades, and com- pacts the property, installs all utilities, and obtains all permits and approvals neces- sary to begin work on footers and foundations immediately upon the signing of a lease agreement.  upon renovation completion. “As part of KRE / Verde’s renovation plan, KRE’s pres- ident Jon Kushner and Verde’s president Jake Re- iter requested that Berkadia craft a unique solution that would allow the venture to renovate the asset while mini- mizing interest rate risk by allowing a rate to be locked for the entire term of the loan/ investment,” said Heath. “The Freddie Mod Rehab Loan Pro- gram was tailor-made for this type of redevelopment and investment strategy.” Located at 165 Thousand Oaks Drive, Thousand Oaks Village features units with one-, two- and three-bedroom floor plans. Amenities such as air conditioning, fully- equipped kitchens, large clos- ets, hard-wood floors and private patios and balconies


MAREJ EVENTS September 20, 2018 NJ Apartment/Multifamily Conference

200 Technology Drive

have opened large distribution centers in the park. Altogeth- er, there are 51 tenants and 6,000 employees in nine million square feet in CenterPoint. “CenterPoint is less than one mile from I-81 and I-476 and is immediately adjacent to major facilities for FedEx Ground, FedEx Express, and UPS,” said Mericle. “The Wilkes-Barre/ Scranton Airport is just three miles away and many major trucking firms are within a 15-minute drive.”

More than 51 million people live within 200 miles of Cen- terPoint. Philadelphia, Harris- burg, NYC, and Port Elizabeth can each be reached in about two hours. “We have designed the build- ing to accommodate mid-size to large bulk industrial tenants that have very high trailer parking requirements, and e-commerce fulfillment opera- tions that need huge areas for employee parking,” continued Mericle.

October 5, 2018 NJ Leadership Conference

October 17, 2018 Delaware CRE Forecast Conference October 18, 2018 Philadelphia CRE Forecast Conference

Berkadia secures $52 million in financing for multifamily property in New Jersey

ATLANTICHIGHLANDS, NJ — Berkadia announced the $51.97 million financing for Thousand Oaks Village, a garden-style multifamily prop- erty in Atlantic Highlands, NJ. Senior managing director

For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com


Financial Digest featuring Appraisal. ........................ 3 - 18A Business Card/Bill Board Directory................................23A CRE Organization Events................................................24A DelMarVa............................................................ 19 - 21A Northern New Jersey Spotlight.............................. 5 - 16B Pennsylvania featuring PA Experts Spotlight.......Section C

Thousand Oaks Village

property will undergo a sub- stantial renovation plan in- tended to upgrade units and improve overall performance as part of the investment strategy. Berkadia utilized the Freddie Mac Mod Rehab Loan Program, allowing the borrower to fix a long-term interest rate in at closing, float during the renovation period and automatically convert to the already locked fixed rate

Bob Falese and managing director Jeff Heath of the Philadelphia office secured the acquisition loan through Freddie Mac for the borrower, Delaware-based 165 Thousand Oaks Drive LLC. The deal closed on July 11. The sponsorship for this transaction was led by a joint venture between Kushner Real Estate (KRE) and Verde Capital Corp. The

www.marejournal.com Upcoming Spotlights Fall Preview Insurance/Title

Made with FlippingBook - professional solution for displaying marketing and sales documents online