JLL secures $70M financing for newly delivered 525K-SF industrial facility in Delaware

PHILADELPHIA, March 23, 2026 – JLL Capital Markets announced today it has arranged $70 million in bridge financing for the Tri-State Distribution Center, a newly delivered 525,000-square-foot Class A industrial warehouse located at 401 Naamans Rd. in Claymont, Delaware.

JLL worked on behalf of the borrower, a joint venture between KPR Centers LLC and PCCP LLC, to secure the three-year bridge loan with extension options through Pearlmark, on behalf of its new senior mortgage debt fund, PRSM I.

The property represents a successful conversion from retail to industrial use, as the sponsors acquired the former 588,000-square-foot Tri-State Mall site in June 2021 and obtained zoning entitlements to develop the industrial warehouse. The state-of-the-art distribution facility features 40-foot clear heights, 97 dock doors, four drive-in doors and 114 trailer spaces positioned on a 36.4-acre site with immediate access to Interstate 95.

Strategically positioned adjacent to I-95 with connectivity to I-495 and the Commodore Barry Bridge, the distribution center provides access to over 1.3 million consumers within 30 minutes and nearly 6.1 million people within a 60-minute drive time. The location offers direct routes to the Philadelphia and Wilmington ports, positioned less than eight miles from the Port of Wilmington and 22 miles from the Port of Philadelphia.

The JLL Capital Markets team was led by Senior Director Michael Pagniucci, Senior Managing Director Chad Orcutt and Senior Managing Director Chris Drew, with support from Associate Ethan Rodgers and Analyst Michelle Morgenstern.

“This transaction reflects the sustained strength of the Philadelphia industrial market, where we see a depth of competitive financing liquidity for newly delivered and strategically positioned warehouse assets,” said Pagniucci. “It underscores, more specifically, the debt market’s capacity to refinance construction loans with accretive capital, enabling sponsors to execute their lease-up strategies.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

KPR Centers has a defined strategy of acquiring retail and industrial properties within select markets that offer a compelling opportunity to create value. KPR Centers is a vertically integrated investor with in-house retail leasing, management and development operations tailored to maximize value through proactive leasing, repositioning, and redevelopment of its properties. Founded in 2009 as an outgrowth of Katz Properties, which was established in 2003, KPR Centers has since expanded its footprint to 20 states within the greater New England, New York State, Mid-Atlantic, Midwest, Mountain West, and Southeast submarkets. KPR Centers’ successful track record of strategic acquisitions and dispositions has led to transactions and trusted partnerships with public REITs, institutions, private equity groups, and family offices. For additional information, visit www.kprcenters.com.

Since 1998, PCCP has been providing commercial real estate debt and equity capital for middle-market real estate projects throughout the United States.  PCCP has managed, raised or invested over $46.6 billion of institutional capital and continues to pursue investment opportunities with proven operators.  PCCP originates and manages all of its investments, providing capital for all major real estate product types.  PCCP invests across the capital stack, from joint venture equity to senior and mezzanine debt, while seeking to identify the best risk-adjusted returns for our investors.  With approximately $29.2 billion of assets under management as of September 30, 2025, PCCP is an established fiduciary for its global investors, with offices in New York, San Francisco, Atlanta and Los Angeles.  Learn more about PCCP at www.pccpllc.com.

Pearlmark is a Chicago-based investment firm that targets domestic core-plus to value-add real estate opportunities via commingled funds, separate accounts, and joint venture structures. Since 1996, the Pearlmark team has sponsored more than 15 real estate equity and debt investment programs and completed 613 real estate equity and debt transactions on behalf of investors, representing $6.3 billion in equity capital commitments, $14.7 billion in gross investment value, and 178 originated loans aggregating over $2.3 billion in commitments. Pearlmark is dedicated to creating value for its investors and offers a range of investment opportunities nationwide across various property types (primarily industrial and multifamily). For more information, please visit https://www.pearlmark.com.