Greek Development, together with Advance Realty, on Tuesday announced their partnership closed on over $227 million in financing to support the continued development of Linden Logistics Center in Linden and Logan North Industrial Park in Logan Township.
Greek and Advance secured two loans from Wells Fargo — a $142 million loan for Phase III of the 1.32 million-square-foot Linden Logistics Center, and an $85 million loan for the third phase of Logan North Industrial Park, which is set to total 3.2 million square feet.
“We are excited to close these loans, thanks to our longstanding relationship with Advance, even in this volatile capital markets environment — validating the strength of sponsorship and the properties we are developing,” David Greek, managing partner of Greek Development, stated. “The success we’ve had in leasing Linden and Logan thus far speaks volumes about the pace of demand for strategically located warehouses in New Jersey and the ability for us to deliver true economic value to our strategic partners and the communities we build in.”
Linden Logistics Center comprises of Building 100, totaling 332,635 square feet, and Building 200, spanning 516,600 square feet. The project is expected to be completed in the second quarter of 2023. Phase II, which includes Buildings 300, 400, and 700, is currently under construction and is expected to be delivered at the end of 2022.
Tom Monahan, Larry Schiffenhaus and Stephen D’Amato of CBRE are the current leasing brokers for the project.
“We’re grateful and humbled to have longstanding relationships with great partners across the brokerage, lending and equity capital markets space. They have continually stepped up and executed when called upon, and our development partnership looks forward to more opportunities to grow together in the future,” Alexander Cocoziello, principal and managing director at Advance Realty Investors, stated.
The partnership of Advance and Greek also closed on another loan from Wells Fargo, totaling $85 million, for the third phase of Logan North Industrial Park. Phase III is set to be delivered in Q2 2023 and comprises Building B and Building CD, measuring 274,200 square feet and 475,000 square feet, respectively.
Nate Demetsky, Dean Torosian, and Matt Kemery of JLL represent Greek and Advance for leasing on the park.
The loans for both Linden Logistics Center and Logan North Industrial Park were sourced by John Alascio, T.J. Sullivan and Chuck Kohaut of Cushman & Wakefield’s debt team.