Advance Realty and Greek Development Acquire 350-Acres in Linden
Advance Realty and Greek Development have acquired a 350-acre tract of land in Linden. With limited opportunities in high-barrier to entry markets such as Northern New Jersey, the developers expect to satisfy the requirements of modern distribution tenants and e-commerce users in search of Class A warehouse space.
“The City of Linden has fostered a unique opportunity at Tremley Point,” Advance Realty CEO Peter Cocoziello said. “We look forward to working with Greek Development and City of Linden officials to improve the site with a world class development in the heart of one of the world’s most vibrant industrial markets.”
Added Frank Greek, principal and CEO of Greek Development: “We are extremely excited to partner with Advance on what will be among the best designed logistics centers in New Jersey. As the state’s industrial market continues to thrive, we anticipate significant interest in the rare opportunity we are planning to create in Linden.”
Located off Tremley Point Road, the development tract comprises several contiguous parcels in a location that provides exceptional access to one of the world’s most concentrated and affluent customer bases. Additionally, the property is situated within the Port submarket, 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. Shippers can reach 100 million consumers within a day’s departure.
CBRE teams led by Mindy Lissner, Jeffrey Babikian, William Waxman, and Thomas Sullivan represented the sellers in the transaction. Camber Real Estate Partners and Cushman & Wakefield served in an advisory capacity to the buyer group.
“New Jersey has one of the largest concentrated critical masses of warehouse and distribution space in the U.S. due to its vast logistical infrastructure network of highways, deep-water cargo ports, air freight capabilities and rail servicing the entire region,” Mindy Lissner said. “Advance and Greek can look forward to strong interest from the increasing number of food, consumer product, household goods, and e-commerce tenants actively exploring and expanding into the market.”