Advance Realty, Greek Development Secure $300M Financing for NJ Industrial Center

A joint venture between Advance Realty Investors and Greek Development has secured new funding for the second phase of a big industrial project in Linden, N.J.

Northwestern Mutual provided $300 million in fixed-rate permanent financing for Buildings 300, 400 and 700 of the developers’ 4.1 million-square-foot Linden Logistics Center, according to a Monday announcement.

The loan will go toward the 1.6 million-square-foot second phase of development of the newly completed industrial portfolio at Linden Logistics Way, which is already home to tenants including Samsung Electronics America, Vanguard Logistics, Fabuwood Cabinetry and OCM Globe, the announcement said.

Cushman & Wakefield’s John Alascio, Alex Hernandez, Chuck Kohaut, TJ Sullivan and Mitch Rothstein represented the borrowers.

“This transaction highlights the robust demand for Class A industrial space in the Port of New York and New Jersey region,” Alascio said in a statement. “Linden Logistics Center’s strategic location and state-of-the-art facilities make it a critical hub for logistics and distribution, offering unparalleled access to major transportation networks and a vast consumer base.”

Advance Realty and Greek Development announced the industrial project in 2018 and finished the first phase, consisting of two buildings, in 2021, My Central Jersey reported. All construction on the project is now complete, C&W said.

The Linden Logistics Center, which is 94 percent leased, features 40-foot clear heights, cross-docking and parking, the announcement said.

Plus, being near Newark Liberty International Airport and the Port Authority of New York and New Jersey is in an “ideal location” for industrial demand, according to Advance Realty and Greek Development’s leaders.

“Institutional confidence in well-located, modern logistics facilities remains strong, particularly in core port markets where demand continues to outpace supply,” Alex Cocoziello, principal and chief investment officer of Advance Realty, said in a statement.

The Linden Logistics Center is a best-in-class facility that has consistently attracted premier logistics tenants seeking superior space in an ideal location,” added David Greek, managing partner at Greek Development. “The facility is positioned to provide increasing value over the long term.”

News of the deal comes after some recent industrial activity in New Jersey, including Related Fund Management, Onyx Equities and Russo Development’s cold-storage industrial development in East Hanover, N.J., landing $135 million in construction financing in December, as Commercial Observer previously reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.