CBRE SECURES $31.9 MILLION LOAN FOR INDUSTRIAL PARK

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CHERRY HILL, N.J. — CB Richard Debt & Equity Finance (CBRE) has secured $31.9 million in variable- and fixed-rate financing for the acquisition of Cherry Hill Business Center, a 782,446-square-foot industrial park located along Springdale Road in Cherry Hill. Comprising 16 buildings, the park includes warehouse, office, flex, retail and showroom space. It is currently 92 percent leased to a tenant roster that includes International Paper, Okidata America, Commerce Bank, Dal-Tele Corp. and Cooper Lighting. James Gunning and Donna Falzarano originated the loan on behalf of the borrower, Principal Real Estate Investors. Terms of the financing were not disclosed.

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