Advance Realty Investors, Greek Development and PGIM Real Estate joined brokers with CBRE and city officials on Thursday to break ground on Linden Logistics Center in Linden. — Photo by Hal Brown/Courtesy: Advance Realty Investors
By Joshua Burd
A joint venture has kicked off what it says will be the largest active industrial project near the Port of New York and New Jersey, breaking ground on a 4.1 million-square-foot logistics park at a long-vacant site in Linden.
The partnership, which includes Advance Realty Investors, Greek Development and PGIM Real Estate, joined dozens of brokers and other attendees on Thursday to mark the start of the eight-building project off Tremley Point Road. Delivery of the multiphase development will begin in late 2020, serving to transform a 350-acre former brownfield site that had once housed the likes of DuPont, GAF and American Cyanamid.
“If you didn’t work in Linden, it meant you didn’t want to work, because there were jobs for everybody,” Linden Mayor Derek Armstead said, recalling the city’s industrial heyday. “But then came the lean times, when the industry pulled out and left.”
That gave way to more than two decades of false promises and plans to redevelop the contaminated property, he said, but noted that Advance, Greek and PGIM are now positioned to realize the site’s potential and generate “massive new tax revenues.”
“Here we are today, poised once again to be a leader and to have jobs, economic growth and revitalization of this area that we call Tremley Point, New Jersey,” Armstead said. “And we’re just very thankful that they’re here, we’re thankful for all the good things that are going to come in the future for this town.”
Brokers with CBRE have already begun to market the planned complex known as the Linden Logistics Center, following last year’s acquisition of the site by Advance, Greek and PGIM. Those plans will benefit from what is still robust demand from e-commerce and logistics companies seeking large, modern space in New Jersey, along with a new bridge that will connect Tremley Point Road with the New Jersey Turnpike.
The property is 10 miles from the Port of New York and New Jersey and within a day’s drive of 100 million consumers.
“Today we broke ground on our largest industrial project in Advance’s 40-year history — Linden Logistics Center,” said Peter Cocoziello, CEO of Advance Realty Investors. “As longtime leaders in New Jersey commercial real estate, we are very excited to be a part of a project that is unrivaled in not only scale, but also its modern and innovative design.
“We are extremely thankful to the city of Linden and our project partners and look forward to attracting the kind of 21st century employers who will create new jobs for this region and push its thriving economy to even greater heights.”
The project earned widespread industry recognition last month when it was honored as NAIOP New Jersey’s Industrial Deal of the Year.
“The area around the Port of New York and New Jersey has long been known for its dynamic industrial market. That remains true today, as it is now being fueled by the growth of e-commerce, last-mile delivery, logistics and distribution,” said Frank Greek, president of Greek Development. “By developing state-of-the-art facilities like Linden Logistics Center, we can meet all of the evolving needs of all of those businesses and ensure that New Jersey can continue to attract and retain them for decades to come.”
The CBRE leasing agents for the site include executive vice presidents Mindy Lissner and William Waxman, who are supported by a 10-person team including Tom Sullivan and Kevin Dudley. On Thursday, Lissner touted the capacity to accommodate users of up to 1 million square feet, with the ability to provide specialty buildings, excess car and trailer parking, rail access and other features.
“We are extremely excited to lead the leasing efforts for one of the largest industrial and innovative developments in this region,” Lissner said. “Thanks to its unprecedented combination of access to a skilled workforce, vast network of highways, rail lines, air freight capabilities and one of the most active deep-sea ports in the country, this facility is a perfect home for companies searching for efficient access to New York, Philadelphia and various other major metropolitan markets. We look forward to engaging with the growing number of food, consumer product, e-commerce and other industrial users searching for a first-class space in this thriving commercial corridor.”