Advance Realty, Greek Development Buy 350-Acre Tract in Linden
Partners Plan Industrial Use for Site
Advance Realty and Greek Development have purchased a 350-acre parcel in Linden, NJ, that they plan to develop into Class A warehouse space, the two companies said Tuesday.
The site, located off Tremley Point Road in Union County, includes several contiguous parcels located just 10 miles from the Port of New York and New Jersey, the largest port on the East Coast and the third-largest U.S. port.
The purchase price and the identity of the seller weren’t disclosed.
“The City of Linden has fostered a unique opportunity at Tremley Point,” Advance Realty CEO Peter Cocoziello said in a statement. “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.”
Bridgewater, NJ-based Advance Realty and Greek Development of East Brunswick, NJ, are looking for modern distribution tenants and e-commerce users, according to their press release.
“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,” said Mindy Lissner, SIOR, executive vice president with CBRE in East Brunswick, which brokered the sale. “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.”
CBRE’s Lissner, Jeffrey Babikian, William Waxman and Thomas Sullivan represented the sellers in the sale. Camber Real Estate Partners and Cushman & Wakefield served in an advisory capacity to the buyer group.