A historic industrial site at 169 Lackawanna Avenue in Parsippany is set for a modern transformation. A joint venture led by Greek Real Estate Partners (GREP), in partnership with The Hampshire Companies and capital advised by Principal Asset Management®, has closed on a $79 million total financing package to clear the way for a new 281,215-square-foot Class A industrial facility.
The redevelopment represents the latest evolution for a property that has served many functions over the last hundred years. Originally a candy manufacturing plant, the site later operated as a data center for New York Life and, more recently, as a multi-tenant office building. GREP acquired the property in 2023 with the vision of converting the obsolete office asset into a state-of-the-art logistics hub.
“Few sites tell a story like 169 Lackawanna Ave.,” Alex Motiuk, director of acquisitions for Greek Real Estate Partners said. “We are proud to carry it into its next chapter as a modern, highly functional industrial facility built for the users driving demand across the region.”
The $79 million financing package consists of a $49 million recapitalization and a $30 million construction loan provided by Provident Bank. This influx of capital arrives at a critical time in Northern New Jersey, where modern, large-scale industrial space remains in short supply as the regional development pipeline tightens.
“It is especially exciting to collaborate with Greek, as both Greek and the Hanson families have been doing business in New Jersey for over 100 years,” said Christopher Jon Imperatore of The Hampshire Companies. “With new supply constrained and demand for modern logistics space remaining strong, we believe the project is well-positioned to deliver a high-quality facility and long-term value in a tightening market.”
The new facility is designed to meet the rigorous demands of last-mile and regional distribution users, featuring:
- 40-foot clear heights and 39 loading docks.
- Infrastructure for modern operations: 3,000-amp, 3-phase, 480/277V electrical service.
- Strategic Access: Proximity to Interstates 80 and 287, Newark Liberty International Airport, and the Port of New York and New Jersey, placing the facility within a one-hour drive of over 11 million consumers.
Greek Design|Build, the firm’s general contractor, has already completed demolition and site clearing. Vertical construction is now underway, with substantial completion anticipated in the first quarter of 2027.
Cushman & Wakefield’s John Alascio, TJ Sullivan, Chuck Kohaut, and Nick Scibelli served as the brokers for the equity and debt transaction. KBC Advisors has been retained as the exclusive leasing agent for the property.
