S hopping C enters N ew J ersey S potlight N orthern NJ
Real Estate Journal — Northern New Jersey — December 14 -27, 2018 — 5B
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4.1 million s/f class A warehouse complex in Port of NY/NJ region Advance Realty &Greek Development announce plans for 4.1 million s/f Linden Logistics Center
INDEN, NJ — A joint venture of Advance Realty and Greek De- velopment announced plans for a 4.1 million s/f, state- of-the-art logistics park on the 350-acre tract of land in Linden, that the partnership acquired earlier this year. Upon completion in late 2020, Linden Logistics Center will be the largest active industrial development in the Port of New York/New Jersey region. “We are extremely excited to partner with Greek Develop- ment on this transformative project in the heart of one of the country’s premier commercial corridors,” Advance Realty CEO Peter Cocoziello said. “New Jersey has long been known for its thriving industrial market, and this first-class development will cater specifically to the fast- growing logistics, distribution and fulfillment businesses that are currently fueling the sec- tor’s growth.” L
Realty and Greek Development see our vision that Linden is the investment of the future. This land has been vacant for over 25 years. Only when vision and op- portunity meet can an incredible project like this happen,” said Mayor Derek Armstead. “When completed, the Linden Logistics Center will be one of the largest industrial warehouses and office complex facilities in our State and in the Northeast. This will bring more jobs, opportunities and, perhaps help stabilize or continue to reduce City taxes,” he added. “I can’t think of a better de- velopment project for the city of Linden and other neighbor- ing cities in Union County. Not only is this project going to provide great tax revenues for the city of Linden, it will also completely revitalize the local job market and create renewed opportunity for other local busi- ness owners,” said Alex Lospi- noso , executive director of the best-in-class services.” The team’s third property management appointment stems from a new relationship with a private joint venture in- vestment partnership. Turn- bridge Equities and Harbor Group International recent- ly acquired 100 Jefferson Rd. in Parsippany in a sale/lease- back with PNY Technologies. PNY’s Global Headquarters continues to occupy a portion of the 540,000 s/f asset, a former Pfizer manufacturing facility. The new ownership immedi- ately launched a $4.5 million, mixed-use repositioning that will re-introduce the balance as class A warehouse space. Cushman & Wakefield As- set Services is providing both property management and construction management services for the full campus. “While the Turnbridge/Har- bor Group partnership is a new property management client, this assignment still speaks to the importance of
Linden Economic Develop- ment Corporation . ”Moving this project forward will also create an opportunity for our state government to finally step up to the plate and make the necessary enhancements to our heavily congested infrastruc- ture that has been put on hold for decades.” “New Jersey has one of the largest concentrated critical masses of warehouse and distri- bution space in the U.S., thanks in large part to its vast and ex- haustive infrastructure network of highways, deep-water cargo ports, air freight capabilities rail lines and access to NYC,” CBRE executive vice president Mindy Lissner said. “With the creation of this state-of-the-art facility, Advance and Greek can look forward to strong interest from the growing number of food, con- sumer product, household goods, and e-commerce tenants actively exploring and expanding into this critical market.” relationships,” Nevins said. “The sale/leaseback transac- tion included the involvement of three additional Cushman & Wakefield service lines: capital markets, finance and leasing. The opportunity to win this agency stemmed from the buyer’s satisfaction with our people and our brand. The new ownership also recognized the benefit of our Advantage Program, through which our relationships with local and national vendors enable us to offer cost savings for various building services.” The newest additions to Cushman & Wakefield’s New Jersey property management portfolio mark continued ex- pansion for the firm’s regional Asset Services practice. The East Rutherford-based team currently serves approxi- mately 100 properties totaling 16.5 million s/f, representing a 25 percent increase in s/f managed over the past 18 months.
Linden Logistics Center rendering
Frank Greek , president of Greek Development added: “With this development, Ad- vance and Greek will create not just one of the largest logistics parks in the New York/New Jersey region, but a venue that can help the area maintain its longstanding position as a leader in the nation’s industrial market. As e-commerce, last- mile delivery and other 21st century industries continue to reshape and drive our economy, we are working to ensure they
will have truly first-class facili- ties that help them meet their evolving needs.” Located off Tremley Point Rd., Linden Logistics Center will be situated just 10 miles from the Port of New York and New Jersey. The location provides exceptional access to one of the world’s most concentrated and affluent customer bases, with 100 million consumers located within a day’s drive from the property. “I’m excited that Advance
Cushman & Wakefield adds 2.2 million s/f in New Jersey property management assignments
EAST RUTHERFORD, NJ — Cushman & Wakefield has announced the addition
of more than 2.2 million s/f in New Jer- sey property management assignments, continuing a period of no- table growth for the firm’s
Michael Nevins
regional Asset Services prac- tice. According to Michael Nevins , managing director, the three new agencies dove- tail with continued strong in- vestor activity and record user demand in the state’s thriving industrial market. “Among the new assign- ments, Cushman & Wakefield Asset Services was appointed to manage a portfolio of six Northern New Jersey industri- al properties totaling 963,000 s/f.” In the Tpke. Exit 8A mar- ket, Cushman & Wakefield is managing a 734,000 s/f asset
355 Davidson Mill Rd. in Monroe
that an affiliate of Zurich Alternative Asset Man- agement recently purchased at 355 Davidson Mill Rd. in Monroe. “We are seeing a significant volume of institutional invest- ment in New Jersey, which is creating opportunity for third-party property manag- ers,” Nevins said, adding that
Cushman & Wakefield main- tains long-standing relation- ships with both owner entities on a national basis. “These organizations are partnering with providers that offer deep resources, a strong local pres- ence and skilled practitioners. Cushman & Wakefield offers that along with the benefit of a global platform focused on
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