Bayonne Logistics Center Building 100 at 101 Port Lincoln Road in Bayonne — Courtesy: Cushman & Wakefield
By Joshua Burd
Lincoln Equities Group and PCCP LLC have secured more than $126 million to refinance nearly 333,000 square feet of newly built industrial space in Bayonne.
According to Cushman & Wakefield, which sourced the debt, Ares Management LLC provided the floating-rate bridge loan in connection with Bayonne Logistics Center Building 100. The deal comes as LEG markets the site to prospective tenants, noting that the 332,640-square-foot facility at 101 Port Lincoln Road includes five acres of industrial outdoor storage and a location in the heart of the Port of New York and New Jersey.
“We believe Bayonne Logistics Center — Building 100 offers an unmatched opportunity for tenants prioritizing top-tier industrial space and market-leading access,” said John Alascio, a member of Cushman’s equity debt and structured finance team. “With its location proximate to Global Container Terminal Bayonne, we believe Lincoln Equities Group and PCCP have built a uniquely positioned asset to support port-centric operations in one of the most competitive and supply-constrained industrial markets in the country.”
Alascio joined C&W’s TJ Sullivan, Chuck Kohaut and Mitch Rothstein in representing the borrowers.
“Having recently received certificate of occupancy, we believe this financing perfectly positions this asset for the lease-up stage of the project,” said Lance Bergstein, CEO of Lincoln Equities. “Building 100 at Bayonne Logistics Center is one of the highest-quality and most strategically located assets in the Port submarket. We are focused on making sure the profile and quality of the future tenant aligns with the vision we had for the site when we first began the approval process.”
In a news release, C&W said Building 100 sits on some 45.4 acres of portside land that provides last-mile connectivity to northern and central New Jersey via the New Jersey Turnpike, Interstate 78 and routes 440, 1 and 9. It’s also within five miles of Manhattan and has access to more than 60 million consumers within a five-hour drive.
C&W: Developers ink $107 million loan for new 333,000 sq. ft. logistics center in Bayonne
