JLL secures $81.9M refinancing for newly delivered industrial property in Winchester, VA

WASHINGTON, D.C., Oct. 8, 2025 -  JLL Capital Markets announced today it has arranged $81.9 million in refinancing for One Logistics Park Building 2 (1251 Coverstone Dr.), a newly delivered Class A industrial property located in Winchester, Virginia.

JLL worked on behalf of the developer, The Meridian Group (TMG), to secure the construction takeout financing through an entity managed by Argentic Investment Management LLC ("Argentic").

The 1,023,120-square-foot logistics facility was developed by TMG, a vertically integrated real estate firm specializing in industrial, residential and opportunistic investments. Delivered earlier this year, the state-of-the-art facility features institutional-quality specifications designed to attract a wide range of industrial tenants. The property is currently 38 percent leased to a crane, rigging and hauling service provider.

"The JLL capital markets team helped advise us during lease negotiations and launched the refinancing campaign immediately following the new lease," said Kyle Maurer, Managing Director at TMG. "The new financing provides us the ideal capital structure to complete the business plan in today's complex industrial real estate environment."

One Logistics Park Building 2 boasts 40-foot clear heights, 753 car parking spaces, 177 loading dock positions and 269 trailer parking spaces. The facility includes 8,000 amps of power, LED high bay fixture lighting and tilt-up concrete walls with textured paint finishes. The building features 33 dock positions with nine-foot by 10-foot manual doors, 40,000-pound mechanical levelers, dock seals and swing lights, along with 67 additional manual dock doors and 77 knockout positions available for future tenant customization.

Located at 1251 Coverstone Dr., the property sits strategically at the intersection of Route 50 and Interstate 81, providing superior east-west connectivity via Route 7, Interstate 66 and Interstate 79. The strategic Virginia location offers access to more than 50 percent of the nation's population within a day's drive and benefits from the state's right-to-work status and competitive labor costs.

The property's proximity to Northern Virginia's data center corridor, located just 25 minutes from the western edge of the Dulles-Manassas submarket, positions it to benefit from industrial tenant displacement as facilities are converted for data center use. Additionally, One Logistics Park sits less than 14 miles from the Virginia Inland Port in Front Royal, a 161-acre intermodal facility that serves as an inland extension of the Port of Virginia system.

The JLL Debt Advisory team was led by Managing Directors Rob Carey and Chris Hew, along with Associates Gus Caiola and Patrick Wu.

"One Logistics Park represents the highest quality industrial product available in the Winchester market, featuring best-in-class specifications in a supply constrained location," said Carey. "The property benefits from exceptional market fundamentals in Winchester, including sub-two percent vacancy rates and strong rent growth, while offering tenants significant cost savings compared to nearby Northern Virginia markets. The financing provides TMG with the flexibility and capital needed to complete its leasing strategy."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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