Cushman & Wakefield Arranges $235M Refinancing for 1.3-MSF Distribution Center in New Jersey

LINDEN, N.J.--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) announced that the real estate services firm served as the exclusive advisor to Advance Realty Investors and Greek Development in arranging $235 million of permanent financing for Buildings E and G at Linden Logistics Center in Linden, New Jersey. Buildings E and G are two Class A facilities totaling over 1.32 million square feet (msf). The 10-year, fixed-rate loan was provided by 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.

“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 Northwestern Mutual. Currently we’re under construction with the second phase encompassing another 1.6 million square feet in 3 separate buildings and look forward to delivering this phase in the third quarter of 2022.”

“Today’s announcement serves as a testament to both the strength of the project and the combined hard work of everyone involved,” said Frank Greek, CEO at Greek Development. “Alongside our key project partners, we’ve successfully provided a Class-A logistics space in the Port of NY/NJ region and look forward to Linden’s continued momentum and success.”

“The team of Advance Realty Investors and Greek Development have done an incredible job with this site and Cushman & Wakefield is proud to be involved with its first phase,” said Alascio. “The quality of sponsorship and tenancy led to a competitive financing process and we are thrilled with the outcome.”

Cushman & Wakefield's more than 1,000 Logistics & Industrial Services professionals around the world provide local market expertise and strategies for manufacturing, logistics, warehousing and supply chain. According to Cushman & Wakefield research, Q3 2021 was another record-breaking quarter for the U.S. industrial market, with demand, rents and the construction pipeline continuing to reach new heights.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About Advance Realty Investors

Advance Realty Investors is a privately-owned real estate investment, development and management company based in Bedminster, New Jersey. Since their founding in 1979, Advance has developed, acquired, and repositioned real estate assets within the industrial, residential, life science, office, and retail space song the Northeast Corridor with a primary geographic focus within New Jersey. Currently they own, manage and invest in a diversified portfolio over 20-million-square-feet across all asset classes. Visit www.advancere.com for more information.

About Greek Development

Greek Development is a leading Central New Jersey-based full-service real estate firm focused on industrial development throughout New Jersey and Pennsylvania. Founded in 1934, the company has developed more than 27 million square feet of primarily industrial space. As one of the oldest industrial real estate development specialists in the industry today, F. Greek Development is a vertically-integrated company operating every phase of its 17 million square foot portfolio including site selection, design, construction, leasing, property management and tenant relations. For more information, visit www.greekdevelopment.com.