PHILADELPHIA, PA – December 19, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $23.58 million financing for Eddystone Industrial Park, a four-building industrial park totaling 465,680 square feet in the Philadelphia-area community of Eddystone, Pennsylvania.
The HFF debt team worked on behalf of Foxfield Industrial, a joint venture between Novaya Real Estate Ventures (Novaya) and Foxfield Ventures, to arrange the acquisition loan with a regional commercial bank. Loan proceeds will be used to fund the acquisition, perform capital improvements and lease up of the property.
Situated on 43.7 acres at 1001 Industrial Highway, the property is in a last-mile distribution location near the major East Coast economic centers of New York, Philadelphia and Washington, D.C. The property has easy access to Interstates 95, 295 and 476 in addition to the Pennsylvania Turnpike. Additionally, this strong logistical location is proximate to the Port of Wilmington, the only major east coast port that is serviced by two Class 1 railroads, CSX and Norfolk Southern. Eddystone Industrial Park features clear heights ranging from 18 to 60 feet, has 52 dock doors and 16 drive in doors. An additional 150,000-square-foot building could be developed on 18.43 acres of the property that is currently undeveloped land, which provides an opportunity to expand the park.
HFF’s debt placement team representing the borrower included director Michael Pagniucci and managing director Ryan Ade.
About Foxfield Industrial
Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, is a real estate operating company focused on the acquisition and operation of industrial properties throughout the Mid-Atlantic and the Southeast United States. The partnership aims to provide compelling, absolute investment returns while maintaining a margin of safety.
Foxfield and its affiliates currently manage over $160 million in existing assets and development projects. In the past two years, they have acquired 14 properties totaling two million square feet. Learn more at foxfieldindustrial.com or follow Foxfield on Twitter @foxfieldind.
About Novaya Real Estate Ventures
Novaya is an established owner/operator of investment real estate in the New England region. Having worked together as a team for over 25 years, executing hundreds of successful transactions through multiple real estate cycles, Novaya’s principals bring a unique set of skills, experience and local market insight to its investors. The principals have bought, sold and operated 60 commercial real estate properties totaling over 4.5 million square feet including newly developed residential, urban mixed-use, retail, office/flex and warehouse/distribution. The group has worked together as a team for most of the past 10 years, bringing complementary skills in acquisition, underwriting, leasing, asset management, real estate finance, real estate law and venture capital to the partnership. Novaya employs an innovative, personal approach to real estate investment, uncovering value through proprietary market relationships, applying local market expertise, managing responsively and structuring transactions creatively.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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