Linden Logistics Center in Linden— Courtesy: Cushman & Wakefield
By Joshua Burd
Advance Realty Investors and Greek Real Estate Partners have closed on $300 million in permanent financing for nearly 1.6 million square feet of new industrial space in Linden.
Brokers with Cushman & Wakefield represented the firms in securing the fixed-rate loan, which was provided by an undisclosed institution, in connection with buildings 300, 400 and 700 at the landmark Linden Logistics Center just east of the New Jersey Turnpike. The three buildings total some 1.58 million square feet, comprising phase two of an overall seven-building, 4.1 million-square-foot development off Tremley Point Road that has taken shape over the past five years.
Cushman’s John Alascio, Alex Hernandez, Chuck Kohaut, TJ Sullivan and Mitch Rothstein sourced the debt on the borrowers’ behalf.
“This transaction highlights the robust demand for Class A industrial space in the Port of New York and New Jersey region,” Alascio said. “Linden Logistics Center’s strategic location and state-of-the-art facilities make it a critical hub for logistics and distribution, offering unparalleled access to major transportation networks and a vast consumer base.”
The team noted that Linden Logistics Center is 94 percent leased to prominent tenants such as Samsung Electronics America, Vanguard Logistics, Fabuwood Cabinetry and OCM Globe.
“Institutional confidence in well-located, modern logistics facilities remains strong, particularly in core port markets where demand continues to outpace supply,” said Alex Cocoziello, principal and chief investment officer of Bedminster-based Advance Realty Investors. “Our long-term commitment to Linden, in partnership with Greek Development, reflects our shared conviction in the strength of this sector and our ability to deliver best-in-class assets in strategic locations. We appreciate Cushman & Wakefield’s role in helping us secure financing that supports the continued success of this project.”
David Greek, managing partner of East Brunswick-based Greek Real Estate Partners, added: “The Linden Logistics Center is a best-in-class facility that has consistently attracted premier logistics tenants seeking superior space in an ideal location. The facility is positioned to provide increasing value over the long-term.”
In announcing the deal, C&W noted the buildings at Linden Logistics Center have 40-foot clear ceiling heights, cross-docked and front-loaded positions and ample parking, providing optimal efficiency for logistics operations. Tenants, meantime, are minutes from Port Newark-Elizabeth and major highways, occupying a 350-acre campus that has brought new life to a former brownfield site that had once housed DuPont, GAF and American Cyanamid.
Developers, adapting to changing market, near completion of massive Linden industrial park
