A redevelopment project at 681 Main St. in Belleville will bring 204,407 square feet of new warehouse space to a site just off Route 21. — Rendering courtesy: Cushman & Wakefield
By Joshua Burd
Lincoln Equities Group has landed nearly $54 million in financing to build more than 204,000 square feet of new industrial space in Belleville, brokers with Cushman & Wakefield said.
According to the debt placement team, PCCP provided the construction loan in connection with the project at 681 Main St. Cushman noted that LEG has secured local approvals to redevelop the property and build 204,407 square feet of new warehouse space across two buildings along Route 21, adding that the facilities will have 36-foot clear ceiling heights, 33 loading docks, four drive-in doors and parking for 160 cars and 43 trailers.
John Alascio, Chuck Kohaut, TJ Sullivan and Jason Blankfein led the C&W team that sourced the $53.5 million loan, representing the borrower.
“681 Main Street is situated in the densely populated Meadowlands industrial market, offering logistics and distribution tenants access to nearly 60 million consumers within a five-hour drive,” Alascio said. “Coupled with its proximity to the Port of New York and New Jersey, the largest port on the East Coast and second largest port in the nation, this project was very compelling to lenders, and we are excited to have the opportunity to represent this sponsor.”
In a news release, C&W noted that the 15.3-acre development site provides quick access to the New Jersey Turnpike, routes 21, 3 and 17, the Garden State Parkway and other major highways in one of the nation’s most affluent consumer markets.
“PCCP believes that this construction loan provides us with a compelling opportunity to work with an experienced, repeat partner and borrower to construct Class A industrial space in a strategic location,” said Ryan Dodge, managing director with PCCP. “We think Belleville Logistics is poised to attract users that are seeking new product in the low vacancy, core Meadowlands submarket that is 15 minutes from Manhattan.”
