Greek Real Estate Partners JV Seals $79M Financing Package for N.J. Industrial Dev
By Emily Davis June 17, 2026 5:35 pm
reprints
A joint venture led by Greek Real Estate Partners (GREP) has secured a $79 million financing package for an industrial development in Parsippany, N.J., Commercial Observer has learned.
The deal clears the way for the vertical construction of a 281,215-square-foot, Class A industrial facility at 169 Lackawanna Avenue. The joint venture consisted of GREP, real estate development firm the Hampshire Companies and third-party capital, advised by Principal Asset Management.
“With new supply constrained and demand for modern logistics space remaining strong, we believe the project is well positioned to deliver a high-quality facility and long-term value in a tightening market,” Christopher Imperatore, asset manager at Hampshire Companies, said in a statement.
The $79 million financing package was a combination of joint venture equity and construction financing, including a $49 million recapitalization and a $30 million construction loan. The construction financing was provided by Provident Bank, while further details on the recapitalization were unclear.
Cushman & Wakefield’s John Alascio, TJ Sullivan, Chuck Kohaut and Nick Scibelli sourced the joint venture equity and debt for the transaction. Leasing will be helmed by KBC Advisors’ Marc Petrella, Andrew Siemsen and Sean Kelly.
“We are pleased to support an experienced ownership and development group as it advances a market-leading Class A,” Ryan Greer, vice president of commercial lending at Provident Bank, said in a statement.
The Lackawanna Avenue site was acquired by GREP in 2023, sold as a redevelopment opportunity by C&W’s Gary Gabriel, Kyle Schmidt, Ryan Lark and Seth Zuidema. It may have been an occupied office building then, but its past lives include a candy manufacturing operation and a New York Life data center. GREP’s Greek Design-Build undertook site demolition and clearing. GREP anticipates “substantial completion” in the first quarter of 2027.
In addition to the 40-foot industrial facility, site plans include a 2,500-square-foot speculative office, 39 loading docks and a large parking area.
“Few sites tell a story like 169 Lackawanna Avenue,” Alex Motiuk, director of acquisitions for GREP, said in a statement. “We are proud to carry it into its next chapter as a modern, highly functional industrial facility built for the users driving demand across the region.”
Emily Davis can be reached at edavis@commercialobserver.com.
