Class-A Warehouse Complex Will Be the Largest Planned Industrial Development in Port of NY/NJ Region
A joint venture of Advance Realty Investors, Greek Development and PGIM Real Estate, today announced that it has broken ground on Linden Logistics Center – a 4.1-million-square-foot, state-of-the-art logistics park in Linden, N.J.
The redevelopment, which recently received the NAIOP New Jersey’s Industrial “Deal of the Year” award, is located on a formerly vacant 350-acre tract of land in Linden, New Jersey that the partnership acquired in 2018. Linden Logistics Center will consist of eight Class A warehouse buildings designed specifically to meet the needs of logistics, distribution, fulfillment, manufacturing, last-mile-delivery, and other modern industrial users. Delivery of this multi-phase project will begin in late 2020, and upon completion, Linden Logistics Center will be the largest active industrial development in the Port of New York/New Jersey region.
The venture has retained CBRE, Inc. Executive Vice President Mindy Lissner and Executive Vice President William Waxman, supported by a 10-person team including Tom Sullivan and Kevin Dudley, to serve as exclusive leasing agents for the property.
“The construction of Linden Logistics Center marks a major economic investment in Linden and the development of a parcel of land that has been vacant for more than 25 years,” said Mayor Derek Armstead. “This innovative project will create massive new tax revenues, attract new businesses, and most importantly put hundreds of area residents to work. We are grateful that the leaders at Advance Realty, Greek Development and PGIM Real Estate execute our vision through their investment in the City of Linden.”
Linden Logistics Center will offer superior access via a new bridge directly into the project. Located off Tremley Point Road, Linden Logistics Center is situated 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 – and minutes from the New Jersey Turnpike (Interstate 95) and Newark Liberty International Airport. The location provides exceptional access to one of the world’s most concentrated and affluent customer bases, with approximately 100 million consumers located within a day’s drive from the property.
“Today we broke ground on our largest industrial project in Advance’s 40-year history – Linden Logistics Center,” said Advance Realty Investors CEO Peter Cocoziello. “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 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.”
In addition to its prime location, Linden Logistics Center offers flexible layouts to suit specific tenant needs, excess car and trailer parking, rail access, water access, cross-docking capability and access to a high-quality workforce in the New York-New Jersey area.
“We are extremely excited to lead the leasing efforts for one of the largest industrial and innovative developments in this region,” said CBRE Executive Vice President Mindy Lissner. “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.”
For more information on Linden Logistics Center, please visit lindenlogisticscenter.com.
About Advance Realty Investors
Advance Realty Investors is a privately-owned real estate investment, development and management company that has been in business for over 40 years. Advance owns, manages or has invested in a diversified, 15-million-square-foot portfolio across all asset classes. The company actively pursues real estate investments in residential, industrial, mixed-use and Class A office properties that enhance value through development, repositioning and redevelopment. Advance Realty is one of New Jersey’s most well-respected owner/operator/ developers in the Northeast Corridor. Visit www.advancere.com for more information.
About Greek Development
Greek Development is a leading 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 17 million square foot portfolio including site selection, design, construction, leasing, property management and tenant relations. For more information, visit www.greekdevelopment.com.
About PGIM Real Estate
PGIM, the global investment management business of Prudential Financial, Inc. (NYSE), is one of largest real estate investment managers in the world, with more than $171.2 billion in gross real estate assets under management and administration, as of March 31, 20191. Through its PGIM Real Estate and PGIM Real Estate Finance businesses, PGIM also leverages a 49-year legacy of investing in commercial real estate on behalf of institutional investors, a 140-year history of real estate lending on behalf of institutional and middle-market borrowers2, and the deep local knowledge and expertise of professionals in 31 cities around the world. PGIM Real Estate, the real estate investment management business of PGIM, has been redefining the real estate investing landscape since 1970. Combining insights into macroeconomic trends and global real estate markets with excellence of execution and risk management, PGIM Real Estate’s tenured team offers to its global clients a broad range of real estate equity, debt, and securities investment strategies that span the risk-return spectrum and geographies. For more information, visit www.pgimrealestate.com.
1 AUA equals $33.7 billion.
2 Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.