PCCP Lends $115M on Lincoln Equities’ Amazon-Leased Warehouse in NJ
By Cathy Cunningham June 7, 2021 9:45 am
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Lincoln Equities Group has landed a $115 million, build-to-suit construction loan for Highland Cross, a 360,000-square-foot, Class A industrial facility in Rutherford, N.J., Commercial Observer has learned.
The asset is fully leased to Amazon, which plans to use the property as a last-mile distribution center, creating hundreds of jobs in the heart of the Meadowlands industrial market.
PCCP provided the financing, in a transaction negotiated by Cushman & Wakefield’s John Alascio, Chuck Kohaut, TJ Sullivan and Zachary Kraft.
“We are thrilled to close another loan through Cushman & Wakefield and to further expand our relationship with the Lincoln Equities team,” Ryan Dodge, a senior vice president with PCCP, said. “This loan was an exciting opportunity to further invest in the Northern New Jersey industrial market.”
“Highland Cross presented lenders with a terrific opportunity to finance the construction of a state-of-the-art, fully pre-leased, Class A distribution center located in the heart of the white-hot Meadowlands industrial market,” Alascio added. “We experienced a tremendously competitive process and PCCP provided a seamless execution for our client at highly attractive terms.”
The facility — located in Rutherford at the crossroads of the New Jersey Turnpike and New Jersey Routes 3 and 17 — offers Amazon convenient access to New York City, the Port of New York and New Jersey, and 18 million consumers within a one-hour drive.
Lincoln Equities announced that the e-commerce giant would be taking the facility in its entirety only last week.
“We’re thrilled that Amazon has selected our Rutherford facility for its latest delivery center,” LEG President Joel Bergstein said in an announcement. “We have been working with Rutherford for 20 years and are excited to see this project come to fruition.”
When completed in 2022, Highland Cross will be one of less than 20 existing modern buildings offering 36-foot-plus-clear heights. Highland Cross also features cross-docked loading, 70-plus dock high doors and 80-plus trailer parks.
And Amazon isn’t the only highly coveted tenant to sign a lease at one of Lincoln Equities Group’s properties recently. In February, the firm announced that UPS would lease the firm’s almost 900,000-square-foot, waterfront Lincoln Logistics Bayonne facility.
