JLL Capital Markets arranged a $56.3 million construction loan from Principal Asset Management to develop Tri-State Industrial, a s 525,000-square-foot, Class A industrial warehouse facility in Claymont.
The spec warehouse with no announced tenants will be located at the former Tri-State Mall. Northern Delaware has seen a nearly zero vacancy rate for large warehouse industrial buildings.
JLL represented the borrower, KPR Centers, LLC, and PCCP, LLC, to secure the loan through Principal Asset Management.
Tri-State Industrial will feature 40-foot clear heights, four drive-in ramps with overhead doors, truck trailer, smaller vehicle parking, and 99 dock doors.
Located at 401 Naamans Rd., the property has access to I-95 and I-495. About 1.3 million consumers live within 30 minutes of the property.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Chris Drew, Senior Director Mike Pagniucci and Director Michael DiCosimo.
JLL Capital Markets has more than 3,000 Capital Markets specialists worldwide, with offices in nearly 50 countries.