Benzinga | Nov 24, 2021 10:02AM EST

Cushman & Wakefield Arranges $107M For Logistics Center I n New Jersey

Cushman & Wakefield (NYSE:CWK) announced that the real estate services firm served as the exclusive advisor to Lincoln Equities Group and PCCP in the procurement of $107.4 million in acquisition and construction financing for the Bayonne Logistics Center -- Building 100 in Bayonne, New Jersey. The loan was provided by Brookfield.

A Cushman & Wakefield team of John Alascio, Chuck Kohaut, TJ Sullivan, Zachary Kraft, Gary Gabriel and Kyle Schmidt represented the borrower.

The Bayonne Logistics Center -- Building 100 will be a state-of-the-art, 332,640-square-foot industrial complex. The site consists of approximately 45.4 acres of trophy portside property and represents one of the last remaining industrial redevelopment opportunities of scale in the NY/NJ Port market. Construction is expected to be completed in October 2022.

"This financing represented a compelling opportunity for lenders, given the location and strength of the industrial market in the Port region," said Alascio. "We are thrilled for our clients on this execution."

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.