By Joshua Burd
Advance Realty and Greek Development have partnered once again, acquiring a 350-acre site in Linden that they say is now primed to become a large industrial park.
The joint venture on Tuesday touted its purchase of what’s known as Tremley Point, a tract off Tremley Point Road that sits just a few miles from the New Jersey Turnpike. With the new acquisition, the firms said they plan to tap into the demand for modern warehouse and distribution space in a high-barrier market such as northern New Jersey.
Terms of the sale were not disclosed, nor did the developers detail their plans for the site.
“The city of Linden has fostered a unique opportunity at Tremley Point,” Advance Realty CEO Peter Cocoziello said. “We look forward to working with Greek Development and city of Linden officials to improve the site with a world class development in the heart of one of the world’s most vibrant industrial markets.”
The development site includes several contiguous parcels in a location that is just 10 miles from Port Newark-Elizabeth, part of the largest port on the East Coast and the third-largest in the United States. It also sits within New Jersey’s port submarket, where rents have soared in recent years amid ever-increasing demand from e-commerce firms, food companies and other users.
The joint venture’s plans are poised to benefit from a long-awaited plan to create a connector road between New Jersey Turnpike and Tremley Point Road. The state announced last year that such a project could move forward with an allocation from THE Transportation Trust Fund, which saw new revenue from the gas tax, following years of advocacy by public officials.
The proposed connector from Exit 12 will intersect with Industrial Highway in Carteret, traverse the Rahway River and connect at Tremley Point Road in Linden. It would provide direct access between the Turnpike and allow trucks to bypass local roads and Route 1 and 9.
Tremley Point is a former brownfield site that state officials say could support more than 6 million square feet of warehouse and distribution space.
“We are extremely excited to partner with Advance on what will be among the best designed logistics centers in New Jersey,” said Frank Greek, principal and CEO of Greek Development. “As the state’s industrial market continues to thrive, we anticipate significant interest in the rare opportunity we are planning to create in Linden.”
CBRE teams led by Mindy Lissner, Jeffrey Babikian, William Waxman and Thomas Sullivan represented the sellers in the transaction. Camber Real Estate Partners served in an advisory capacity to the buyer group.
“New Jersey has one of the largest concentrated critical masses of warehouse and distribution space in the U.S. due to its vast logistical infrastructure network of highways, deep-water cargo ports, air freight capabilities and rail servicing the entire region,” Lissner said. “Advance and Greek can look forward to strong interest from the increasing number of food, consumer product, household goods, and e-commerce tenants actively exploring and expanding into the market.”