The developers said they plan to use the site for Class A warehouse space to meet the demand of modern distribution and e-commerce tenants.
“The city of Linden has fostered a unique opportunity at Tremley Point,” said Peter Cocoziello, CEO of Advance Realty. “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.”
“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,” said Frank Greek, principal and CEO of Greek Development.
The site, located off Tremley Point Road, is situated in the Port submarket, about 10 miles from the Port of New York and New Jersey.
The CBRE of Mindy Lissner, Jeffrey Babikian, William Waxman and Thomas Sullivan 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,” 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.”