GREP Joint Venture Secures $79 Million Financing Package for 169 Lackawanna Avenue
Greek Real Estate Partners (GREP) has closed on a $79 million financing package for the redevelopment of 169 Lackawanna Avenue in Parsippany, New Jersey, clearing the way for vertical construction of a 281,215-square-foot Class A industrial facility. The joint venture brings together GREP, the Hampshire Companies, and third-party capital advised by Principal Asset Management.
The financing package combines a $49 million recapitalization with a $30 million construction loan provided by Provident Bank. Cushman & Wakefield‘s John Alascio, TJ Sullivan, Chuck Kohaut, and Nick Scibelli arranged the joint venture equity and debt for the transaction.
A Site With a Story
GREP acquired the Lackawanna Avenue property in 2023 as an occupied office building, but the site has lived several lives before this one. It previously housed a candy manufacturing operation and later served as a data center for New York Life. Greek Design|Build, GREP’s in-house construction arm, led the site demolition and clearing required to prepare the property for redevelopment.
“Few sites tell a story like 169 Lackawanna Avenue,” said Alex Motiuk, GREP’s director of acquisitions. Motiuk added that the team is proud to carry the property into a new chapter as a modern industrial facility built for the tenants driving demand across the region today.
Built for Today’s Industrial Demand
The new facility is designed with the realities of modern logistics in mind. Site plans call for 40-foot clear heights, a 2,500-square-foot speculative office component, 39 loading docks, and a substantial parking area to support both trailer and employee needs. With supply remaining constrained across the broader industrial market, the project is well-positioned to meet continued demand for last-mile distribution space near major population centers.
Leasing for the property will be led by KBC Advisors’ Marc Petrella, Andrew Siemsen, and Sean Kelly.
A Continued Partnership
Hampshire Companies and Provident Bank both expressed confidence in the project as it moves into its construction phase, citing the strength of the ownership group and the quality of the planned asset. GREP anticipates substantial completion of 169 Lackawanna Avenue in the first quarter of 2027.
This financing marks another milestone in GREP’s continued growth across the New Jersey industrial market, and the team looks forward to sharing updates as construction progresses.
Read the full coverage of this transaction in Commercial Observer.