Lincoln Equities Secures $54M for North Jersey Logistics Project
Lincoln Equities Group has closed on a $53.5 million senior construction loan for Belleville Logistics, a two-building last-mile logistics campus in Belleville, N.J, roughly 8 miles to the northeast of New York City.
PCCP LLC, Lincoln’s longtime financial partner for projects in the Northeast, provided the loan in a transaction brokered by Cushman & Wakefield Vice Chair John Alascio, Senior Director Chuck Kohaut and Associate Jason Blankfein.
The Class A project is the Northeast-focused developer’s sixth project in the Garden State, and its third recent collaboration with PCCP. Back in 2021, the firms teamed up for the development of Building 100 of the Bayonne Logistics Center, a 332,640-square-foot facility located at the Military Ocean Terminal. Earlier that year, the firms purchased a three-building property in Rockland County, N.Y.
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When its construction finishes, the 15 acre campus will consist of Building A, a 112,661-square-foot warehouse, and Building B, a facility spanning 91,746 square feet. The buildings will include front-loading docks that lead into interiors with 36-foot clear heights, while sharing 160 car and 43 trailer parking spaces.
Located at 681 Main St., Belleville Logistics will directly face New Jersey Route 21, with connections to the Interstates 95 and 78, located within 5 and 7 miles, respectively. Newark Liberty International Airport lies just south of the I-78 connection, while Midtown Manhattan is 9 miles to the southeast.
The Northeast’s industrial leader
As of February, New Jersey boasted the Northeast’s largest industrial supply pipeline, with a recent CommercialEdge report revealing that the state has 7.1 million square feet of space under construction. Additionally, the state leads the region for rent growth, vacancy rates and sales prices. Transaction volumes are at the top as well, with the state logging $171 million in new deals, year-to-date.
In February, Invesco Real Estate paid $55 million for a 216,000-square-foot building in South Brunswick Township. Several weeks prior, Crow Holdings development put the lid on a 207,000-square-foot facility in Elmwood Park.
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