Cushman & Wakefield served as exclusive advisor to Advance Realty Investors and Greek Development in arranging $235 million of permanent financing for two buildings totaling more than 1.32 million square feet at the Linden Logistics Center.
The 10-year, fixed rate loan provided by Northwestern Mutual was announced Dec. 10.
Located at 600 Linden Logistics Way in Linden, Building E and G clock in at 480,844 square feet and 840,203 square feet, respectively. The Class-A properties are 100% leased to World Distribution Services and Peloton Interactive Inc. and feature 40-foot clear heights, multiple cross-docked loading positions, drive-in doors and plenty of parking for trailers and cars.
“We’re incredibly proud of our project team and the quality of product we’ve been able to complete at Linden Logistics Center,” said Advance Realty Investors CEO Peter Cocoziello. “This is the culmination of the first of several phases in our development program and we are so pleased to expand our great relationship with a best-in-class lender in Northwestern Mutual.”
A Cushman & Wakefield Equity, Debt & Structured Finance team led by John Alascio, Chuck Kohaut, TJ Sullivan, John Spreitzer, Sebastian Sanchez and Zachary Smolev represented the borrower.
The Linden Logistic Center – located in New Jersey’s Port Industrial Market – provides access to more than 100 million consumers in a day’s drive.
Buildings E and G represent phase one of the complex, which will eventually include eight building and more than 4 million square feet of space.
“Currently we’re under construction with the second phase encompassing another 1.6 million square feet in three separate buildings and look forward to delivering this phase in the Third Quarter of 2022,” Cocoziello said.