S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
Whse. complex will be the largest planned industrial development in Port of NY/NJ Region Advance Realty Investors, Greek Development & PGIM break ground on Linden Logistics Center
INDEN, NJ — A joint venture of Advance Real ty Inves tors , Greek Development and PGIM Real Estate has bro- ken ground on Linden Logis- tics Center, a 4.1-million s/f, state-of-the-art logistics park in Linden. The redevelopment, which recently received the NAIOP New Jersey’s Industrial “Deal of the Year” award, is located on a formerly vacant 350-acre tract of land in Linden that the partnership acquired in 2018. Linden Logistics Center L HI-LIGHTS JULY 12 - 25, 2019
century employers who will create new jobs for this region and push its thriving economy to even greater heights.” “The area around the Port of New York and New Jersey has long been known for its dy- namic industrial market. That remains true today, as it is now being fueled by the growth of e-commerce, last-mile delivery, logistics and distribution,” said Frank Greek , president of Greek Development. “By developing state-of-the-art facilities like Linden Logistics Center, we can meet all of the evolving needs of all of those businesses and ensure that New Jersey can continue to attract and retain them for decades to come.” In addition to its prime loca- tion, Linden Logistics Center offers flexible layouts to suit specific tenant needs, excess car and trailer parking, rail access, water access, cross- docking capability and access to a high-quality workforce in the New York-New Jersey area.
Linden Logistics Center is situ- ated just 10 miles from the Port of New York and New Jersey – the largest port on the East Coast and the third-largest port in the United States – and minutes from the New Jersey Turnpike (Interstate 95) and Newark Liberty International Airport. 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. “Today we broke ground on our largest industrial project in Advance’s 40-year history – Linden Logistics Center,” said Advance Realty Inves- tors CEO Peter Cocoziello . “As longtime leaders in New Jersey commercial real estate, we are very excited to be a part of a project that is unrivaled in not only scale, but also its mod- ern and innovative design. We are extremely thankful to the City of Linden and our project partners and look forward to attracting the kind of 21st
Linden Logistics Center
LAWRENCEVILLE, NJ – Metrix Real Estate Services and PenwoodReal Estate In- vestment Management, LLC (Penwood) have closed on the purchase of 31 acres located at 10 Princess Rd., Lawrenceville. Brokers-Simone Realty represented the seller, Capital Health Systems and Tran- swestern of New Jersey represented the purchaser. The purchaser, is a joint venture between Princeton, NJ based Metrix Real Estate Services, LLC whose principal is Michael Nachamkin and an institutional fund managed by West Hartford, CT based Penwood Real Estate Invest- ment Management, LLC Michael Nachamkin , prin- cipal of Metrix said “Our de- velopment team is very ex- cited about the opportunity to build a state- of- the- art warehouse in Central New Jer- will consist of eight class A warehouse buildings designed specifically to meet the needs of logistics, distribution, ful- fillment, manufacturing, last- mile-delivery, and other mod- ern industrial users. Delivery of this multi-phase project will begin in late 2020, and upon completion, Linden Logistics Center will be the largest ac- tive industrial development in the Port of New York/New Jersey region. “The construction of Linden Logistics Center marks a major economic investment in Linden and the development of a parcel
of land that has been vacant for more than 25 years,” said Mayor Derek Armstead. “This innovative project will create massive new tax revenues, at- tract new businesses, and most importantly put hundreds of area residents to work. We are grateful that the leaders at Advance Realty, Greek Devel- opment and PGIM Real Estate execute our vision through their investment in the City of Linden.” Linden Logistics Center will offer superior access via a new bridge directly into the project. Located off Tremley Point Rd.,
SPOTLIGHT SOUTHERN NJ
5-11B
Metrix/ Penwood Joint Venture closes sale of 31-acre site in Lawrenceville, New Jersey
SOUTHERN NJ CHAPTER
8-9B
15, 17, 19B
Keeping Communication Alive…
10 Princess Rd.
sey with a great institutional partner.” The partnership has commenced construction on a 340,400 s/f distribution facility with 40’ clear ceiling heights, cross loading, trailer storage and abundant parking. The project is scheduled to be com- plete in Spring of 2020.
“We anticipate strong inter- est in the project from a variety of potential tenants who are planning their expansion or opening up a new location. 10 Princess Logistics Center is located at the Princeton Pike/ I-295 interchange and services Southern, Central and North-
ern New Jersey as well as the Philadelphia region.” said Na- chamkin. Howard Freeman , manag- ing director of Penwood stated “ The location of 10 Princess Logistics was a primary driver for selecting the site for our project.”
20-21B
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