Developers Plan to Improve Underutilized Land With Class A Industrial in One of Country’s Premier Markets
The partnership of Advance Realty and Greek Development today announced the acquisition of a 350-acre tract of land in Linden, New Jersey.
With limited opportunities in high-barrier to entry markets such as Northern New Jersey, the developers expect to satisfy the requirements of modern distribution tenants and e-commerce users in search of Class A warehouse space.
“The City of Linden has fostered a unique opportunity at Tremley Point,” Advance Realty CEO Peter Cocoziello said. “We look forward to working with Greek Development and City of Linden officials to improve the site with a world class development in the heart of one of the world’s most vibrant industrial markets.”
Added Frank Greek, principal and CEO of Greek Development: “We are extremely excited to partner with Advance on what will be among the best designed logistics centers in New Jersey. As the state’s industrial market continues to thrive, we anticipate significant interest in the rare opportunity we are planning to create in Linden.”
Located off Tremley Point Road, the development tract comprises several contiguous parcels in a location that provides exceptional access to one of the world’s most concentrated and affluent customer bases. Additionally, the property is situated within the Port submarket, just 10 miles from the Port of New York and New Jersey, the largest port on the East Coast and the third-largest port in the United States. Shippers can reach 100 million consumers within a day’s departure.
CBRE teams led by Mindy Lissner, William Waxman, Thomas Sullivan and Jeffrey Babikian represented the sellers in the transaction. Camber Real Estate Partners and Cushman & Wakefield served in an advisory capacity to the buyer group.
“New Jersey has one of the largest concentrated critical masses of warehouse and distribution space in the U.S. due to its vast logistical infrastructure network of highways, deep-water cargo ports, air freight capabilities and rail servicing the entire region,” Mindy Lissner said. “Advance and Greek can look forward to strong interest from the increasing number of food, consumer product, household goods, and e-commerce tenants actively exploring and expanding into the market.”
About Advance Realty
Among real estate’s most reputable and successful companies, Advance Realty has established itself as one of the industry’s most innovative and forward-thinking firms. Since 1979, Advance has continuously evolved to meet changing market demands by leveraging the creativity and collective knowledge of its team of world-class professionals, while remaining true to its commitment to responsible development. Headquartered in Bridgewater, New Jersey, Advance employs a multifaceted strategy, actively pursuing real estate investments in commercial, residential, industrial, retail and mixed-use projects that present an opportunity to enhance value through development, repositioning and redevelopment. The company currently owns, manages or has invested in a diverse, 15-million-square-foot portfolio of properties across all asset classes throughout the Northeast Corridor. For more information, visit www.advancere.com.
About F. Greek Development
F. Greek Development is a leading Central New Jersey-based full service real estate firm focused on industrial development throughout New Jersey and Pennsylvania. Founded in 1934, the company has developed more than 27 million square feet of primarily industrial space. As one of the oldest industrial real estate development specialists in the industry today, F. Greek Development is a vertically-integrated company operating every phase of its 15 million square foot portfolio including site selection, design, construction, leasing, property management and tenant relations. For more information, visit www.greekdevelopment.com.