Advance, Greek detail plans for 4.1 million sq. ft. industrial park in Linden
Advance Realty and Greek Development have taken the wraps off their plans for a new 4.1 million-square-foot logistics park in Linden, in what they say is the largest planned industrial development in the Port of New York and New Jersey region.
The joint venture on Wednesday said the property, located off Tremley Point Road, will include eight buildings designed for logistics, distribution, fulfillment, manufacturing, last-mile-delivery and other modern industrial users. The park will occupy a 350-acre site that Advance and Greek acquired earlier this year, breathing new life into a long-vacant section of the city.
The CBRE team led by executive vice presidents Mindy Lissner and William Waxman, along with Senior Vice President Tom Sullivan and Vice President Kevin Dudley, will serve as the complex’s leasing agents.
Completion for what will be known as the Linden Logistics Center is slated for late 2020.
“We are extremely excited to partner with Greek Development 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 sector’s growth.”
Linden Logistics Center will sit just 10 miles from the Port of New York and New Jersey, the largest on the East Coast and the third-largest in the U.S., and minutes from the New Jersey Turnpike. Rents in the submarket have soared in recent years amid ever-increasing demand from e-commerce firms, food companies and other users.
The developers also noted that there are around 100 million consumers located within a day’s drive of the property.
“With this development, Advance 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,” said Frank Greek, president of Greek Development. “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 facilities that help them meet their evolving needs.”
Local officials on Wednesday hailed the joint venture’s plans. Linden Mayor Derek Armstead said the site has been vacant for more than 25 years.
“Only when vision and opportunity meet can an incredible project like this happen,” Armstead said. “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.”
Those plans are poised to benefit from a long-awaited project to create a connector road between Exit 12 of the Turnpike and Tremley Point Road. The state announced last year that such a project could move forward with an allocation from the Transportation Trust Fund, paving the way for a route that would allow trucks to bypass local roads and Route 1 and 9.
Alex Lospinoso, executive director of the Linden Economic Development Corp., referenced the infrastructure project while touting the ripple effect of the industrial development.
“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 infrastructure that has been put on hold for decades,” Lospinoso said.
The development and leasing team said the campus will offer flexible layouts to suit specific tenant needs, excess car and trailer parking, rail access, water access and cross-docking capability.
“New Jersey has one of the largest concentrated critical masses of warehouse and distribution space in the U.S., thanks in large part to its vast and exhaustive infrastructure network of highways, deep-water cargo ports, air freight capabilities rail lines and access to New York City,” 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, consumer product, household goods, and e-commerce tenants actively exploring and expanding into this critical market.”