42 Military Ocean Terminal in Bayonne — Courtesy: Cushman & Wakefield
By Joshua Burd
A joint venture has secured more than $107 million in financing for the next piece of a new 153-acre industrial campus in Bayonne, in a deal arranged by Cushman & Wakefield.
Brokers with the firm represented the borrowers, Lincoln Equities Group and PCCP, in securing the acquisition and construction loan through Brookfield. The joint venture will use the proceeds for a planned 332,640-square-foot distribution center at 42 Military Ocean Terminal, with features slated to include 40-foot clear heights and 66 dock doors.
Known as Bayonne Logistics Center, Building 100, the structure will be about a mile west of a planned 886,256-square-foot UPS facility that’s now under construction by LEG.
“This financing represented a compelling opportunity for lenders, given the irreplaceable location and strength of the industrial market in the Port region,” C&W’s John Alascio said. “We are thrilled for our clients on this home-run execution.”
Alascio sourced the $107.4 million loan alongside Chuck Kohaut, TJ Sullivan, Zachary Kraft, Gary Gabriel and Kyle Schmidt. They noted that Building 100 sits on about 45.4 acres and represents one of the last remaining industrial redevelopment opportunities of scale in the Port of New York and New Jersey.
Completion is slated for October 2022, C&W said, citing the property’s connectivity via Interstate 78 and routes 440 and 1 and 9, along with its maritime access.
News of the deal came just days after C&W announced that it had brokered the sale of 42 Military Ocean Terminal, the site of what will be the UPS regional hub and distribution center. An undisclosed buyer purchased the property, where plans call for 252 cross-docked loading positions, 120- to 170-foot truck courts, parking for 734 trailers and 831 cars and a 1,700-foot wharf.
Lincoln Equities Group sells Bayonne property set to become 886,000 sq. ft. UPS package hub
