As the exclusive adviser to Advance Realty Investors and Greek Development, Cushman & Wakefield said Friday that it arranged $235 million of permanent financing for Buildings E and G at Linden Logistics Center in Linden.
A Cushman & Wakefield Equity, Debt & Structured Finance team led by John Alascio, Chuck Kohaut, T.J. Sullivan, John Spreitzer, Sebastian Sanchez and Zachary Smolev represented the borrower.
The 10-year, fixed-rate loan was provided by Northwestern Mutual.
“We’re incredibly proud of our project team and the quality of product we’ve been able to complete at Linden Logistics Center,” Advance Realty Investors CEO Peter Cocoziello said. “This is the culmination of the first of several phases in our development program, and we are so pleased to expand our great relationship with a best-in-class lender in Northwestern Mutual. Currently, we’re under construction with the second phase encompassing another 1.6 million square feet in three separate buildings and look forward to delivering this phase in the third quarter of 2022.”
Located at 600 Linden Logistics Way and measuring 480,844 and 840,203 square feet, respectively, Buildings E and G are 100% leased to World Distribution Services and Peloton Interactive Inc. The two Class A facilities total over 1.32 million square feet and feature 40-foot clear heights, multiple cross-docked loading positions, drive-in doors and ample trailer and car parking.
“Today’s announcement serves as a testament to both the strength of the project and the combined hard work of everyone involved,” said Frank Greek, CEO at Greek Development. “Alongside our key project partners, we’ve successfully provided an unrivaled, state-of-the-art, Class A logistics space in the Port of New York/New Jersey region, and look forward to Linden’s continued momentum and success.”
Situated within New Jersey’s Port Industrial Market, one of the most vibrant industrial hubs in the U.S., Linden Logistics Center offers unrivaled connectivity and access to over 100 million consumers in a day’s drive. The buildings are surrounded by a massive infrastructure system that includes Newark Liberty International Airport within a 15-minute drive, multiple deep-water cargo ports within a 30-minute drive, interstate highways and commercial rail lines. Buildings E and G represent the first phase of Linden Logistics Center, which will span eight buildings and over 4 million square feet once fully completed.
“Linden Logistics Center is one of the most impressive industrial developments to be undertaken in New Jersey in recent history,” Alascio said. “The team of Advance Realty Investors and Greek Development have done an incredible job with this site, and Cushman & Wakefield is proud to be involved with its first phase. The quality of sponsorship and tenancy led to an extremely competitive financing process and we are thrilled with the outcome for this dynamic partnership.”
