Joint Venture Breaks Ground on 4.1 MSF Industrial Park in Linden, New Jersey
LINDEN, N.J. — A joint venture between Advance Realty Investors, Greek Development and PGIM Real Estate has broken ground on Linden Logistics Center, a 4.1 million-square-foot industrial park in Linden, located south of Newark.
Linden Logistics Center will consist of eight Class A buildings that will run the gamut of industrial uses: warehousing, distribution, logistics, fulfillment and manufacturing. The development team will complete the project in phases, with the first deliveries slated for late 2020. Upon completion, the property will be the largest industrial development in the region, according to the developers.
The project is situated on 350 acres off Tremley Point Road near the Port of New York/New Jersey. Prior to the joint venture acquiring the plot in 2018, the land was vacant for 15 years. The site housed chemical manufacturing operations during the 20th century. Estimated development costs for the new property were not disclosed.
In addition to being located within 10 miles of the port, Linden Logistics Center will offer proximity to the New Jersey Turnpike and Newark Liberty International Airport. Individual buildings will be designed with flexible layouts to suit specific tenants. Excess space will be available for car and trailer parking, cross-docking capabilities and rail access. CBRE will handle leasing of the new spaces.
“The area around the port has long been known for its dynamic industrial market and is now being fueled by the growth of e-commerce, last-mile delivery, logistics and distribution,” says Frank Greek, president of Greek Development. “By developing facilities like Linden Logistics Center, we can meet the evolving needs of those businesses and ensure that New Jersey can continue to attract and retain them for decades to come.”
“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,” adds Linden Mayor Derek Armstead. “This innovative project will create massive new tax revenues, attract new businesses, and most importantly put hundreds of area residents to work.”
Advance Realty Investors is a privately owned, New Jersey-based firm that specializes in redevelopment and repositioning projects across a variety of asset classed. Greek Development, also based in New Jersey, has developed more than 27 million square feet of industrial real estate since its inception in 1934. PGIM Real Estate is the global investment arm of Prudential Financial Inc. and has more than $170 billion in real estate assets under management.
— Taylor Williams