The first phase of Linden Logistics Center in Linden includes two buildings totaling more than 1.32 million square feet of high-end industrial space. — Courtesy: Cushman & Wakefield
By Joshua Burd
Advance Realty Investors and Greek Development have secured $235 million in permanent financing for the first phase of a massive logistics campus under construction in Linden.
According to Cushman & Wakefield, which arranged the transaction, Northwestern Mutual provided the fixed-rate loan for two buildings totaling more than 1.32 million square feet at 600 Linden Logistics Way. The properties are leased to World Distribution Services and Peloton Interactive Inc., the first tenants at what’s known as Linden Logistics Center.
“We’re incredibly proud of our project team and the quality of product we’ve been able to complete at Linden Logistics Center,” Advance Realty Investors CEO Peter Cocoziello said. “This is the culmination of the first of several phases in our development program and we are so pleased to expand our great relationship with a best-in-class lender in Northwestern Mutual.”
The milestone comes two and a half years after Advance and Greek broke ground at the site, located off Tremley Point Road and just east of the New Jersey Turnpike. Their plans call for more than 4 million square feet across eight high-end industrial buildings, in a project that will repurpose a 350-acre former brownfield site.
World Distribution Services was the first tenant to commit to the campus, leasing 480,844 square feet this past spring at Building E, giving way to Peloton’s 840,203-square-foot deal during the third quarter. Each facility has 40-foot clear ceiling heights, multiple cross-docked loading positions, drive-in doors and ample trailer and car parking.
Cocoziello noted that the team is under construction with a second phase that will add another 1.6 million square feet in three separate buildings. Delivery is slated for the third quarter of 2022.
“Today’s announcement serves as a testament to both the strength of the project and the combined hard work of everyone involved,” said Frank Greek, CEO at Greek Development. “Alongside our key project partners, we’ve successfully provided an unrivaled, state-of-the-art, Class A logistics space in the Port of (New York and New Jersey) region and look forward to Linden’s continued momentum and success.”
The Cushman & Wakefield equity, debt and structured finance team led by John Alascio, Chuck Kohaut, TJ Sullivan, John Spreitzer, Sebastian Sanchez and Zachary Smolev represented the developers in sourcing the 10-year loan.
“Linden Logistics Center is one of the most impressive industrial developments to be undertaken in New Jersey in recent history,” Alascio said. “The team of Advance Realty Investors and Greek Development have done an incredible job with this site and Cushman & Wakefield is proud to be involved with its first phase. The quality of sponsorship and tenancy led to an extremely competitive financing process and we are thrilled with the outcome for this dynamic partnership.”
Peloton leads Q3 industrial deals with 840,000 sq. ft. lease in Linden, CBRE says
