A fund advised by Crow Holdings Capital, together with Sansone, has obtained a $102 million construction loan for the development of Tac-Pal Logistics Center’s second phase—a 700,000-square-foot industrial building in Palmyra, N.J. Bank OZK provided the senior portion of the financing. Affinius Capital originated the loan, while JLL brokered the transaction.
Tac-Pal Logistics Center’s second phase is already underway and will feature 40-foot clear heights and cross-dock configuration. Plans also call for drive-up ramps, 438 vehicle parking spots, 166 tailgates and 236 trailer parking spots.
The first phase came online earlier this year and consists of a 702,450-square-foot industrial building at 201 S. State Route 73. In July, YesWay Logistics signed a 252,000-square-foot lease.
Tac-Pal Logistics Center occupies 134 acres and allows for direct access to interstates 95, 295 and to New Jersey Turnpike. It is 12 miles from downtown Philadelphia, 21 miles from Philadelphia International Airport and within 27 miles of Trenton, N.J.
Other industrial projects moving forward in the metro include Foxfield’s Lower Bucks Logistics Hub, a two-building, 81,567-square-foot project near Philadelphia. The developer financed it with a $114 million construction loan in August. One month earlier, DH Property Holdings received a $175 million financing package for the development of a last-mile distribution center in Philadelphia, totaling 750,000 square feet.