Advance Realty and Greek Development are set to build the largest logistics facility in the New York / New Jersey Port region.
The 4.1 million square feet complex will include eight Class A warehouse buildings designed to meet the needs of logistics, distribution, fulfillment, manufacturing, last-mile-delivery, and other modern industrial users.
“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,” said Advance Realty CEO Peter Cocoziello, noting that the development should be complete late 2020.
“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.”
The partners acquired the 350-acre tract of land in Linden, New Jersey, earlier this year, however the development has been in the cross-hairs of the local community for decades.
Known as Tremley Point, the land was used for coal ash disposal from 1947 to 1957 and had gone undisturbed for nearly 60 years. The e-commerce explosion that sparked New Jersey’s rise to becoming the nation’s second largest big box industrial market set the course for a brownfield remediation policy that would clear contaminated sites and fast-track road and rail improvements.
A consultant report completed by the Union County Department of Economic Development in 2001, called for county and local governments to work with private developers to realize a well-planned “Global Freight Village” similar to those operating in Europe.
Linden Mayor Derek Armstead hailed today’s announcement saying, “This land has been vacant for over 25 years. Only when vision and opportunity meet can an incredible project like this happen. This will bring more jobs, opportunities and, perhaps help stabilize or continue to reduce City taxes.”
Alex Lospinoso, Executive Director of the Linden Economic Development Corporation, added, ”Not only is this project going to provide great tax revenues for the city of Linden, it will also completely revitalize the local job market and create renewed opportunity for other local business owners.
“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.”
Advance and Greek have retained CBRE, Inc. executive vice president Mindy Lissner and executive vice president William Waxman, supported by a 10-person team including Tom Sullivan and Kevin Dudley, to serve as exclusive leasing agent for the development’s warehouse buildings.
Frank Greek, President of Greek Development said: “With this development, Advance and Greek will create … a venue that can help the area maintain its longstanding position as a leader in the nation’s industrial market. 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.”
Located off Tremley Point Road, Linden Logistics Center will be situated 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 – and minutes from the New Jersey Turnpike (Interstate 95) and Newark Liberty International Airport. The location provides access to one of the world’s most concentrated and affluent customer bases, with approximately 100 million consumers located within a day’s drive from the property.
Linden Logistics Center will offer flexible layouts to suit specific tenant needs, excess car and trailer parking, rail access, water access, cross-docking capability and access to a high-quality workforce in the New York-New Jersey area.
“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,” said CBRE’s Lissner.
“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.”