PGIM JV Lands New Jersey Lease
The distribution center is part of a 1.6 million-square-foot campus.
A partnership of PGIM, Advance Realty Investors and Greek Real Estate Partners has signed Maersk to a 233,492-square-foot lease in Linden, N.J. The firm will occupy nearly half of a 515,600-square-foot distribution facility located at 200 Linden Logistics Way. CBRE represented the joint venture while JLL negotiated on behalf of the tenant.
Maersk is expanding its North American ground freight network for high-volume full truckload and less-than-truckload distribution across U.S. markets and this facility will act as a ground freight hub. Tenant improvements under the agreement include a 6,000-square-foot built-to-suit office, a shipping office and locker room to be delivered by Greek Design | Build.
Featured at 200 Linden are 40-foot clear heights, 42 loading docks and 39 trailer parking spaces. The building came online in 2023, according to Yardi Matrix information.
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The warehouse is part of the larger Linden Logistics Center, a Class A industrial campus spanning 4.1 million square feet. The ownership refinanced part of the property in June with a $300 million loan from Northwestern Mutual.
Linden Logistics Center is currently 91 percent leased. Yardi Matrix shows that another tenant at the property is SpeedX, under a 165,818-square-foot lease the company signed last April.
The campus is near interstates 95 and 278 as well as the Port of New York and New Jersey and Newark Liberty International Airport.
For this latest deal, CBRE Vice Chairmen Larry Schiffenhaus and Thomas Monahan represented the ownership. Maersk was represented by JLL Executive Managing Director Gary Politi and Managing Director Jon Gorczyca.
Port proximity fuels New Jersey industrial activity
New Jersey’s industrial demand remains strong for facilities located near ports, according to a Cushman & Wakefield report. In the second half of 2025, the market saw 15.5 million square feet of leases, with 6.8 million of new commitments involving spaces of 200,000 square feet or more. The primary leasing drivers were The Port Region and Port South submarket, which represented 28.1 percent of all year-to-date transactions, the same report shows.
Last July, Turnbridge Equities signed TWTH Express to a long-term, 255,069-square-foot lease at the Bayonne Distribution Center in Bayonne, N.J. The asset is situated close to Port Bayonne and Port Newark.
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