A $53.5 million construction loan to Lincoln Equities Group has been closed to facilitate the development of Belleville Logistics, a two-building Class A industrial project totaling 204,407 square feet, according to a Thursday announcement from PCCP LLC, which provided the funds.
Situated on 15 acres at 681 Main St. in Belleville, the site is within the Meadowlands industrial submarket, which is a favorable last-mile distribution location for users.
Cushman & Wakefield’s John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein represented the borrower in the transaction.
“681 Main St. is situated in the densely populated Meadowlands industrial market, offering logistics and distribution tenants access to nearly 60 million consumers within a five-hour drive,” Alascio said. “Coupled with its proximity to the Port of New York and New Jersey, the largest port on the East Coast and second-largest port in the nation, this project was very compelling to lenders, and we are excited to have the opportunity to represent this sponsor.
Belleville Logistics will include a 112,661-square-foot warehouse and a 91,746-square-foot warehouse. The front-load buildings will feature 36-foot clear heights, with 160 car parking spaces and 43 trailer parking spaces. The buildings will be able to accommodate either a single user or multiple users.
“PCCP believes that this construction loan provides us with a compelling opportunity to work with an experienced, repeat partner and borrower to construct Class A industrial space in a strategic location,” Ryan Dodge, managing director with PCCP, said. “We think Belleville Logistics is poised to attract users that are seeking new product in the low-vacancy, core Meadowlands submarket that is 15 minutes from Manhattan.”
Located along Route 21 in Belleville, the property is positioned in one of the most affluent consumer markets in the country offering exceptional last-mile connectivity via Interstates 95, 280 and 80; Routes 21, 3 and 17; and the Garden State Parkway.
