NEW YORK—The New York City office of Los Angeles, Cali.-based Mesa West has coordinated $14 million in first mortgage debt for the recapitalization of 200 Birch Creek Road in Bridgeport, N.J. for Dallas, Texas-based Hillwood Investment Properties and Brookfield Asset Management, which has U.S. headquarters in New York City. The Hillwood/Brookfield partnership was formed in 2012 to invest up to $1 billion in industrial properties over the next three years.
The asset, which contains 597,000 sq. ft. of warehouse and distribution space, is currently vacant and was acquired from Cornerstone Real Estate Advisors in August of this year. The property is located in the Pureland Industrial Complex, with access to distribution highways serving Philadelphia and regional markets.
"There is strong demand and a shortage of available inventory for large blocks of quality warehouse and distribution space in the Philadelphia Metro and Southern New Jersey industrial markets," said Daniel Tanner of Mesa West Capital, who helped originate the financing for the firm's New York office. "We have a high degree of respect for the partnership between Hillwood and Brookfield and believe they have a strong business plan with respect to leasing the property."