A sprawling industrial redevelopment along the Hudson River has wrapped construction and begun leasing activity as bridge loan for the complex has been secured.
Lincoln Equities Group and PCCP LLC have announced that they have secured more than $126 million to refinance nearly 333,000 square foot of newly built industrial space in Bayonne. Construction began on what is now the Lincoln Logistics Center back in 2022.
The project is the largest infill industrial redevelopment in the New York Metro Area and is situated on the former Military Ocean Terminal site, which is undergoing a variety of redevelopment that includes a residential component.
Cushman & Wakefield, who sourced the debt, announced that Ares Management LLC provided the floating-rate bridge loan in connection with property 100. The deal comes as CBRE markets the site 101 Port Lincoln Road, which boasts 36’ ceiling heights, 227 car parking stalls with over five acres additional parking, and a 30-year Payment in Lieu of Taxes (PILOT) agreement.
The Lincoln Logistics Center is zoned for 27/7 operations and offers immediate occupancy following the recent approval of a Certificate of Occupancy for the complex.
“We believe Bayonne Logistics Center — Building 100 offers an unmatched opportunity for tenants prioritizing top-tier industrial space and market-leading access,” said John Alascio, a member of Cushman’s equity debt and structured finance team. “With its location proximate to Global Container Terminal Bayonne, we believe Lincoln Equities Group and PCCP have built a uniquely positioned asset to support port-centric operations in one of the most competitive and supply-constrained industrial markets in the country.”
Building 100 sits on about 45 acres of land in Bayonne that is just a short distance from the New Jersey Turnpike, I-78, Route 440, and Route 1&9. A leasing brochure from CBRE touts the more than 60 million consumers that are within a five-hour drive of the property.
