Advance Realty, Greek Development Land $227M for Major NJ Projects
Wells Fargo originated the loans, which were arranged by Cushman & Wakefield.
A partnership between Advance Realty Investors and Greek Development has secured more than $227 million in construction financing for the third phases of two large industrial projects in the metro areas of New Jersey and Philadelphia.
Wells Fargo originated a nearly $141.8 million loan for the third phase of Linden Logistics Center a 1.3 million-square-foot development in Linden, N.J., while also providing approximately $85.3 million for the third phase of Logan North Industrial Park in Logan Township, N.J., according to public records. At full build-out, Logan North Industrial Park is set to include 3.2 million square feet.
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In the first half of the year, developers across the New Jersey and Philadelphia markets secured $791.7 million in construction financing backed by 5.5 million square feet of industrial projects underway, CommercialEdge data shows. Lenders included BMO Harris Bank, UMB Bank and Quadreal Finance, among others.
Cushman & Wakefield arranged the financing for the upcoming expansions. The debt team included John Alascio, TJ Sullivan and Chuck Kohaut.
Two metros, two Class A industrial projects
The last phase of Linden Logistics Center will include Building 100 totaling 332,635 square feet and Building 200 encompassing 516,600 square feet, taking shape at 100 and 200 Linden Logistics Way. Both warehouses will have a 40-foot clear height and will include 3,000 square feet of office space. The buildings will feature a total of 143 dock doors, 4 drive-in doors, 430 vehicle parking spaces as well as 134 trailer parking spaces.
Advance Realty Investors and Greek Development expect to deliver Buildings 100 and 200 in the second quarter of 2023. Within the park, work is underway on the second phase, which includes Buildings 300, 400 and 700, totaling 1.6 million square feet anticipated to come online by year’s end.
The co-developers also expect to deliver the third phase of Logan North Industrial Park in the second quarter of 2023. This addition will include Buildings B and CD, spanning 274,200 square feet and 475,000 square feet, respectively.
The two structures at 301 Crossroads Blvd. and 2858 U.S. Route 322 will have a total of 416 car parking spaces and 127 trailer parking stalls with Building CD offering 109 dock doors and Building B 40 dock doors.
Advance Realty Investors and Greek Development tapped JLL to lead leasing efforts at Logan North Industrial Park, while the partnership opted for CBRE to market Linden Logistics Center. In March, the co-developers signed two full-building leases at the 3.2 million-square-foot business park.
SEKO Logistics agreed to occupy the 164,000-square-foot Building A, while Building F totaling 327,000 square feet will be home to LaserShip Logistics. The tenant roster at the two industrial campuses includes World Distribution Services, Peloton, Target and Lineage, CommercialEdge data shows.
