The sponsorship team at New Jersey\u2019s Linden Logistics Center has secured a new tenant for more than a quarter of a million square feet of Class A industrial space.\u00a0<\/p>\n
Commercial Observer can first report that the joint venture triumvirate of PGIM Real Estate<\/a>, Advance Realty Investors<\/a> and Greek Real Estate Partners<\/a> (GREP) has secured Maersk<\/a> \u2014 a leading global logistics and shipping container firm \u2014 as a tenant at 200 Linden Logistics Way, a 515,600-square-foot distribution facility in Linden, N.J.<\/p>\n SEE ALSO: NFL\u2019s Commanders Sign Office Lease in D.C.\u2019s Foggy Bottom<\/a><\/p>\n Maersk has agreed to sign a 233,492-square-foot lease to establish a new hub for its U.S. ground freight distribution network of both full-truckload (FTL) and less-than-truckload (LTL) deliveries. The new site at 200 Linden will include a 6,000-square-foot build-to-suit main office, as well as shipping offices and new locker rooms for the firm\u2019s workforce, with renovations being carried out by Greek Design Build<\/a>.<\/p>\n The sponsorship team was represented by CBRE<\/a>\u2019s Thomas F. Monahan and Larry Schiffenhaus, while Maersk was represented by JLL<\/a>\u2019s Jon Gorczyca and Gary Politi.\u00a0<\/p>\n Located along Interstate 95 and the Hudson River, and only 24 miles south of Manhattan, 200 Linden is part of the larger Linden Logistics Center that spans 4.1 million square feet.\u00a0<\/p>\n The industrial center is near the New Jersey Turnpike, Newark Liberty International Airport, the Verrazzano-Narrows Bridge, and both the Holland Tunnel and Lincoln Tunnel.\u00a0<\/p>\n Alex Motiuk, director of acquisitions at GREP, noted that 200 Linden\u2019s close proximity to the Port of New York and New Jersey allows \u201cglobal logistics operators to efficiently move goods throughout the region.\u201d<\/p>\n \u201cSecuring Maersk\u2019s ground freight hub at 200 Linden underscores the continued demand for modern, strategically located logistics space across Northern New Jersey,\u201d added Motiuk.<\/p>\n The Linden Logistics Center is now 91 percent leased.<\/p>\n \u201cThe leasing momentum at 200 Linden reflects the strength of the location and the continued demand for best-in-class facilities,\u201d said Alexander Cocoziello, principal and chief investment officer at Advance Realty Investors.\u00a0<\/p>\n