The Hampshire Companies, a full-service, private real estate investment and development firm, today announced that its joint venture has secured a $79 million financing package to advance the development of a Class-A industrial facility at 169 Lackawanna Avenue in Parsippany, New Jersey. The financing clears the way to begin vertical construction on the 281,215-square-foot building.
The joint venture is led by Greek Real Estate Partners (GREP) and includes The Hampshire Companies, along with third-party capital advised by Principal Asset Management. The $79 million package combines joint venture equity and construction financing, including a $49 million recapitalization and a $30 million construction loan provided by Provident Bank.
Once complete, the facility will deliver modern logistics space designed to meet strong regional demand, featuring 40-foot clear heights, 39 loading docks, a 2,500-square-foot speculative office and a large on-site parking area. Substantial completion is anticipated in the first quarter of 2027.
“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,” said Christopher Imperatore, Asset Manager at The Hampshire Companies.
GREP acquired the site in 2023, which operated as an occupied office building, and its earlier history includes a candy manufacturing operation and a data center. As part of the recapitalization, GREP demolished the building and cleared the site in preparation for new construction.
Cushman & Wakefield’s John Alascio, TJ Sullivan, Chuck Kohaut and Nick Scibelli arranged the joint venture equity and debt for the transaction. Leasing will be overseen by KBC Advisors’ Marc Petrella, Andrew Siemsen and Sean Kelly.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment and development firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
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Jeremy Dreisbach
R&J Strategic Communications
973-768-0102
jdreisbach@randjsc.com