Logistics Property Co. Secures $187 Million in Construction Loans During Unprecedented Year to Date
Logistics Property Company, LLC (LPC), a logistics real estate platform focused on the acquisition, development and management of state-of-the-art logistics properties in key North American markets, has closed $187,195,652 in construction loans despite countless challenges caused by the unprecedented global pandemic during the year to date.
"We're really pleased with the continued strength of our debt platform," said Katherine Bernstein, LPC's Senior Vice President ? Capital Markets, who joined the company two weeks before the City of Chicago and State of Illinois issued a mandatory work from home executive order for all non-essential service providers.
"We've closed seven new construction loans?including four with new lenders?totaling $187 million in the year to date," Bernstein added. "We're actively deploying capital across the country and look forward to continuing to grow our debt platform alongside our active projected pipeline for the remainder of 2020."
Deal Highlights:
Swift & Lake, Addison, Ill.
Construction Loan Amount: $20,100,000
Lender: Wells Fargo Bank, National Association
Loan Closing Date: February 21, 2020
Deal Snapshot:
- Jeff Goodman at Wells Fargo Commercial Real Estate originated the loan.
- Swift & Lake comprises two state-of-the-art Class A speculative logistics facilities totaling 274,855 square feet.
- The park is located at the intersection of Interstate 55 and Lake Street, 10 miles from Chicago O'Hare International Airport's South Cargo Gate and 25 miles from the Chicago Loop. The 15-acre parcel size coupled with access to major infrastructure?Interstate 355, Interstate 290, Interstate 88, Interstate 90, Interstate 94 and Interstate 294?make this a premium location to serve the north, south, west, and City households and business.
LogiPark 57-80, Country Club Hills, Ill.
Construction Loan Amount: $43,500,000
Lender: JPMorgan Chase Bank, N.A.
Closing Date: March 18, 2020
Deal Snapshot:
- James Phillipp, Executive Director, Real Estate Banking ? Central Region at JPMorgan Chase Bank, N.A., originated the loan.
- LogiPark 57-80 comprises three state-of-the-art Class A speculative logistics facilities totaling 1.2 million square feet.
- The park is located at the southeast corner of Interstate 57 and Cicero Avenue in Country Club Hills. It can accommodate users ranging from 50,000 ? 810,000 square feet with immediate access to Interstate 57 and Interstate 80, which are two of the most highly trafficked interstates in the Greater Chicago area.
HITC Logistics Park, Humble, Texas
Construction Loan Amount: $16,946,000
Lender: Comerica Bank
Loan Closing Date: March 19, 2020
Deal Snapshot:
- Chris Young, Vice President, National Real Estate Services at Comerica Bank, originated LPC's first loan with the institution.
- Phase I of Houston Intercontinental Trade Center ("HITC") Logistics Park is comprised of three state-of-the-art Class A speculative logistics facilities totaling over 704,000 square feet. Two buildings totaling approximately 435,000 square feet in Phase I are currently under construction with a scheduled completion date of February 2021.
- The park is located within Houston's established North submarket, less than one mile from the east flank of George Bush Intercontinental Airport, in the general vicinity of Interstate 69 and Beltway 8 ? two highly trafficked thoroughfares connecting Houston suburbs to the greater Houston metroplex.
Frederickson ONE, Building 2, Frederickson, Wash.
Construction Loan Amount: $29,006,027
Lender: Barrington Bank & Trust Company, N.A.
Closing Date: April 13, 2020
Deal Snapshot:
- Nick Howard, Senior Vice President, Wintrust Commercial Real Estate (a subsidiary of Barrington Bank & Trust Company, N.A.), originated the loan.
- Frederickson ONE, Building 2 is a state-of-the-art Class A build-to-suit logistics facility for the world's largest hardware retail cooperative, and the largest non-grocery American retail cooperative.
- It comprises over 522,000 square feet and forms part of a Class A industrial park totaling 2.9 million square feet in one of the fastest growing industrial areas in the South Puget Sound market.
I-80-380 Logistics Center, Mount Pocono, Pa.
Amount: $27,991,246
Lender: First National Bank of Pennsylvania, a national banking association
Closed: May 18, 2020
Deal Snapshot:
- Gregory Dreibelbis, Senior Vice President/Regional Manager, Investment Real Estate, and Colby Windholz, Vice President, Investment Real Estate at First National Bank originated LPC's first loan with First National of Pennsylvania for its first project in Pa.
- I-80-380 Logistics Center comprises one speculative state-of-the-art Class A distribution facility totaling approximately 750,000 square feet.
- Located 90 miles northwest of Manhattan, the 62.5-acre site is within one day's drive to 40 percent of the US population and 50 percent of the Canadian population; and boasts remarkable access to skilled labor. It also provides easier access to New York City versus competing submarkets Lehigh Valley and Harrisburg.
Oakwood 985 Business Park, Oakwood, Ga.
Construction Loan Amount: $16,400,000
Lender: Pinnacle Bank
Loan Closing Date: June 11, 2020
Deal Snapshot:
- Tyler Muesch, Commercial Real Estate Manager, Pinnacle Bank, originated LPC's first loan with Pinnacle Bank for its first project in Ga.
- Oakwood 985 Business Park will comprise two speculative state-of-the-art Class A distribution facilities totaling 424,000 square feet?divisible to suit 37,400 to 249,645 square feet?in a shallow bay configuration, which is an underserved product segment.
- The site is located in the highly desirable Hall County, just south of Gainesville with remarkable access to residential, skilled labor and end users.
Southport Logistics Park, Building 3, Wilmer, Texas
Construction Loan Amount: $33,252,379
Lender: Veritex Bank
Loan Closing Date: July 24, 2020
Deal Snapshot:
- Peyton Jones, Executive Vice President ? Managing Director, Commercial Real Estate at Veritex Bank originated LPC's first loan with Veritex Bank.
- Southport Logistics Park, Building 3 (Southport 3) comprises one speculative state-of-the-art Class A distribution facility totaling more than 1 million square feet?expandable to 1.2 million square feet. At full build-out, Southport Logistics Park will house over 3.7 million square feet of Class A industrial space. It is strategically located within a 252-acre master-planned logistics destination in the South Dallas submarket of the DFW metroplex, positioned directly along Interstate 45 and across from the Union Pacific Intermodal yard.
- 2020 continued to attract new tenants to the South Dallas submarket, as the overall DFW population increased due to corporate business relocations. Southport 3 is strategically positioned to take advantage of the increase in e-commerce demand combined with the lack of 1 million square foot competition in the market.
In addition to LPC's continued access to capital markets, the company's robust construction and leasing activities have also continued in the face of the global pandemic. This is largely due to the diligence, expertise, and value-adding strategies employed by LPC's on-site and off-site personnel; its seasoned leadership team, which boasts an average of more than 25 years' experience; and its deep-rooted national and regional relationships.
At LPC, health, safety and environmental (HSE) compliance and risk mitigation are fundamental components of every activity. As part of the company's commitment to protect employee health, safety and the environment, LPC requires that all work?performed by its employees and its partners?comply with all applicable Federal, State, County, City, office, worksite, and corporate protocols.
About Logistics Property Co.
Logistics Property Company, LLC (LPC) is a logistics real estate platform focused on the acquisition, development and management of state-of-the-art logistics properties in key North American markets. The management team of LPC partnered with MIRA Real Estate ? part of Macquarie Infrastructure and Real Assets (MIRA) ? on the formation of the platform. LPC currently manages properties in key logistics markets including Atlanta, Chicago, Dallas, Houston, Kenosha, Mount Pocono and Seattle-Tacoma with an estimated end-value of over $1.5 billion. Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, Indianapolis, Los Angeles and Seattle. For further information, please visit logisticspropco.com and follow @logisticspropco.
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