6C — May 26 - June 8, 2017 — Industrial / Distribution Centers — M id A tlantic

Real Estate Journal


I ndustrial R eal E state & D istribution C enters Closed transaction in 10 business days from the time of signed loan application Thorofare Capital funds $5.74m loan to facilitate acquisition of vacant Phila. area industrial property


at 540 Glen Ave. in the well- established South NJ/Burling- ton industrial submarket, 10 miles from downtown Phila- delphia. The building sits on a 13-acre lot and features, 15,000 s/f of office space, 24- foot clear heights, 29 loading docks, and trailer parking. The property is served by the New Jersey Tpke. and I-295, which is the most widely used thoroughfare between Phila- delphia and NYC. The highly structured bridge loan includes reserves for immediate repairs and debt service/operating shortfalls, as well as a future funding facil- ity to cover costs associated with tenant improvements and leasing commissions. The one-year, non-recourse, inter- est-only bridge loan includes an extension option subject to performance hurdles, ac- cording to Thorofare principal Felix Gutnikov who led the origination team. n Weston of Sheldon Gross Realty inks Verona office and warehouse lease Verona, NJ —A 7,700 s/f office and warehouse facility in Verona has been leased by photographic support product distributor SIRUI USA, LLC, via arrangements by Sheldon Gross Realty vice president Eric Weston . Located at 29 Commerce Court, the building had at one time been utilized by a construction company. SIRUI USA previously had an Essex County office, plus a distribution facility in central New Jersey. “SIRUI came to us seeking a location that would address multiple needs, and we were able to find it,” said Weston. “Now, instead of being separat- ed in two parts of the state, its operation is in one location.” The Commerce Court loca- tion will serve as the opera- tional base for SIRIU USA’s sales, warehousing and prod- uct distribution. A separate warehouse on the property is being leased by an industrial tenant. n 29 Commerce Court

oore s town , NJ — Thorofare Capital has funded

a $5.74 million fixed-rate bridge loan for the acquisi- tion, renovation and stabili- zation of a 219,30-square-foot industrial property located in Moorestown. Thorofare closed the trans- action in just 10 business days from the time of signed loan application in order to help the Irvine, CA-based Phoenix Investment Funds purchase the distressed asset at auction. The vacant warehouse and distribution facility is located

540 Glen Ave.


65 years

Leaders in real estate development, structured investment strategies, and asset management for

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