6C — May 26 - June 8, 2017 — Industrial / Distribution Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
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
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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.
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