EDISON, NJ-Construction financing and joint venture equity totaling $41.2 million has been arranged by HFF for a distribution center to be built in Edison.
JG Petrucci Co. will construct the Middlesex Logistic Center, which is to have 570,100-square feet of warehouse and distribution space, and be completed by the end of 2013.
HFF worked exclusively for Petrucci to structure joint venture equity from institutional investors advised by J.P. Morgan Asset Management. On behalf of Petrucci and the partners, HFF secured the construction loan through M&T Bank.
Middlesex Logistic Center is being designed and built to LEED-certification standards set by the US Green Building Council. The warehouse and distribution center site is just off Exit 10 of the New Jersey Turnpike, adjacent to Raritan Center and Heller Industrial Park. The facility will feature 36-foot ceiling heights, 108 loading doors, 140-foot truck courts and parking for 149 trailers.
The HFF team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Nachamkin.
JG Petrucci, which has offices in New Jersey and Pennsylvania, has developed more than six million square feet of industrial and commercial space and currently owns and manages a portfolio of about three million square feet.
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