Greek Real Estate Partners, in a joint venture with The Hampshire Cos. and third-party capital and advised by Principal Asset Management, are developing a 281,215-square-foot industrial project at 169 Lackawanna Ave. in Parsippany, with substantial completion slated for early 2027. — Rendering courtesy: GREP
By Joshua Burd
A joint venture is set to break ground on more than 281,000 square feet of new industrial space in Parsippany, in a project that will revitalize another former office property in the township.
Its developer, Greek Real Estate Partners, said it was preparing for vertical construction at 169 Lackawanna Ave. as part of a newly formed partnership with The Hampshire Cos. and third-party capital advised by Principal Asset Management. That follows a $49 million recapitalization announced Thursday, coming alongside a $30 million construction loan with Provident Bank.
The firms noted that the 281,215-square-foot warehouse will mark a new phase for a site that has had multiple uses — starting nearly a century ago as a candy and chocolate plant before becoming a data center for New York Life and, most recently, operating as a multitenant office building.
“We are excited to continue growing our presence in the Parsippany market and to redevelop this property alongside outstanding new partners,” said Alex Motiuk, director of acquisitions for Greek Real Estate Partners. “Few sites tell a story like 169 Lackawanna Ave. We are proud to carry it into its next chapter as a modern, highly functional industrial facility built for the users driving demand across the region.”
According to a news release, GREP acquired what was an occupied office building in 2023 and guided it through the redevelopment and re-entitlement process. The firm’s Greek Design|Build affiliate, which is serving as the general contractor, has completed demolition and site clearing, putting it on a path for vertical construction and substantial completion in the first quarter of 2027.
Plans call for 40-foot clear heights, a 2,500-square-foot speculative office, 39 loading docks, two drive-in ramps and 3,000-amp, three-phase, 480/277-volt electrical service, along with parking for 144 cars and 30 trailers. Those features are meant to support a range of industrial users, including companies focused on regional distribution, last-mile delivery and supply chain operations, meeting demand in a region that still has limited options for modern Class A space in that size range.
“We are pleased to partner with Greek Real Estate Partners and Principal Asset Management on the redevelopment of 169 Lackawanna Avenue, a project that reflects our continued conviction in northern New Jersey’s industrial market,” said Christopher Jon Imperatore of The Hampshire Cos. “It is especially exciting to collaborate with Greek, as both Greek and the Hanson families have been doing business in New Jersey for over 100 years.
“With new supply constrained and demand for modern logistics space remaining strong, we believe the project is well-positioned to deliver a high-quality facility and long-term value in a tightening market.”
Ryan Greer, vice president of commercial lending at Provident Bank, added: “We are pleased to support an experienced ownership and development group as it advances a market-leading Class A (project).”
Cushman & Wakefield’s John Alascio, TJ Sullivan, Chuck Kohaut and Nick Scibelli sourced the joint venture equity and debt for the transaction, the news release said. KBC Advisors’ Marc Petrella, Andrew Siemsen and Sean Kelly lead the leasing team for the property, which is minutes from interstates 80 and 287 and routes 46 and 10.
The developer added that 169 Lackawanna Ave. is within a one-hour drive of more than 11 million consumers. The site also benefits from proximity to Newark Liberty International Airport and the Port of New York and New Jersey, positioning it to serve last-mile, regional and national distribution users across northern New Jersey, New York City and the broader Northeast.
“We are proud to have arranged the full stack of financing for this exciting project on behalf of the outstanding Greek Real Estate Partners organization,” said Alascio, executive vice chair at Cushman. “169 Lackawanna Ave. will offer state-of-the-art industrial space in an infill, labor-dense northern New Jersey submarket.”
