Combined loans reflect the strength of the company’s projects and pipeline
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, today announces it has closed commercial real estate finance loans with J.P. Morgan with a combined value of approximately $90 million for its 94 Logistics Park, Kenosha, Wis. and Southport Logistics Park, Wilmer, Tx.
“We’re excited to establish a relationship with J.P. Morgan across multiple projects in North America,” said Mark Skinner, LPC’s Chief Financial Officer. “This commitment reflects the underlying strength of these markets for industrial properties.”
The loans will fund Phase I of LPC’s 94 Logistics Park located in Kenosha, Wis. and Southport Logistics Park located in Wilmer, Tx.
“We’re happy to support Logistics Property Company as they expand in key markets across the country,” said Michelle Herrick, Midwest Market Manager for Real Estate Banking, J.P. Morgan.
94 Logistics Park
94 Logistics Park is a 67-acre parcel situated directly on Interstate 94 less than 50 miles from Chicago. The development is strategically set between two full four-way interchanges just five miles south of the $10 billion Foxconn manufacturing facility, which will provide a gateway to five of the largest cities in the Midwest. It is expected to deliver by the end of summer 2019. Building One will be a 750,000-square-foot cross-docked facility targeting regional distribution companies (consumer products, ecommerce, and food users). Building Two will be a rear-loaded 288,000-square-foot building geared towards manufacturing and local distribution companies. Members of Colliers Chicago Industrial team, Fred Regnery and Ned Frank, have teamed with Colliers Milwaukee broker Steve Sewart to lease the project.
Southport Logistics Park
Southport Logistics Park is a 252-acre master-planned logistics destination within the South Dallas submarket of Dallas-Fort Worth. At full build-out, Southport will house over 3.7 million square feet of Class-A industrial space. Currently Southport houses 1.5 million square feet under two buildings, a 400,000-square-foot cross-docked facility fully leased to an operating subsidiary of a Fortune 100 company and a 1.1 million square foot cross-docked facility currently being marketed for lease. Located one mile east of Interstate 45 and the Union Pacific Intermodal, and five miles south of Interstate 20, Southport offers tenants a premier logistics location within Dallas-Fort Worth. LPC has teamed with Kacy Jones and John Hendricks at CBRE to market the project for lease and build-to-suit.
LPC’s acquisition and development properties have an estimated end-value of over $1 billion. LPC anticipates closing on properties in Pennsylvania, Georgia, Texas and the Midwest in the near term, as part of a development pipeline exceeding 20 million square feet. The company is targeting leading industrial markets across the U.S. with strong population demographics and significant in-place infrastructure.
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 Macquarie Capital Real Estate Investments (MREI) on the formation of the platform. LPC currently manages properties in key logistics markets including Dallas, Houston, Chicago and Seattle-Tacoma with an estimated end-value of over $1 billion. Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, and Los Angeles with office openings slated for Philadelphia, Miami and Seattle.
Chief Marketing Officer, Logistics Property Co.
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