Foxfield and Novaya Receive $8M Loan for NJ Acquisition
- Apr 18, 2018
Foxfield Industrial, a joint venture between Foxfield Ventures and Novaya Real Estate Ventures, has acquired a 193,379-square foot, three-building industrial portfolio in Logan Township, N.J. HFF arranged $7.6 million in acquisition financing with a private lender on behalf of the buyer.
According to Yardi Matrix, the joint venture purchased the properties from Whitesell Construction. The HFF advisory team included Director Michael Pagniucci and Senior Managing Director Doug Rodio.
Located at 1 Killdeer Court, the largest asset in the portfolio encompasses 103,241 square feet and features 42- by 42-foot column spacing, 20-21 feet clear heights, insulated ceilings, fire sprinklers and climate control. Dubbed One Killdeer Court, the property includes one grade-level and 14 dock-high loading doors.
The other two facilities are located at 603 and 614 Heron Drive and comprise 90,139 square feet of light industrial space. Boasting clear heights between 13 and 17 feet, 40 by 40 feet column spacing, dock levelers and bumpers, the buildings also feature a total of six grade-level and 30 dock-high loading doors.
The portfolio is situated within the Pureland Industrial Complex, a 3,000-acre industrial park in Gloucester County, N.J., bordering the Delaware River and Raccoon Creek. The location provides immediate access to multiple distribution arteries, including Interstate 295, U.S. routes 322 and 130, as well as a short line railroad operated by SMS Rail. The ports of Camden and Philadelphia are about 12 miles from the park.
Image courtesy of Yardi Matrix