Linden Logistics Center in Linden and the Logan North Industrial Park projects are set to benefit from a total of US$ 227M loan. This was revealed by Greek Development and Advance Realty collaboration.
The loan for the two Logan Township projects was secured from Wells Fargo. Of the total monies, US$ 142M will facilitate Phase III of the 1.32 million-square-foot Linden Logistics Center. This phase is made up of building 100, which is 332,635 square feet in size and Building 200, which is 516,600 square feet. It will be completed in the second quarter of 2023. The previous phase of the project, Phase II, is currently underway and expected to be completed by the end of 2022. Buildings 300, 400, and 700 are part of Phase II.
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US$ 85M on the other hand will go towards the third phase of the 3.2 million-square-foot Logan North Industrial Park. This phase is made up of building B and building CD that are scheduled for completion in Q2 2023. These buildings’ have respective square footages of 274,200 square feet and 475,000 square feet.
Commentary on the Linden Logistics Center and Logan North Industrial Park projects
“We are thrilled to finalize these loans, despite the erratic nature of the financial markets. This validates the quality of the sponsorship and the properties we are building. It was made possible by our long-standing partnership with Advance,” said David Greek, managing partner of Greek Development.
“We’ve had success leasing Linden Logistics Center and Logan North Industrial Park. This speaks volumes about the pace of demand for strategically located warehouses in New Jersey. Moreover, it is a testament to our ability to deliver true economic value to our strategic partners and the communities we build in,” concluded Greek.
On the other hand, Alexander Cocoziello said, “We are appreciative and honored to have enduring connections with outstanding partners. The partners include the brokerage, banking, and equity capital markets sectors. We all look forward to furthering possibilities to expand together in the future.”
