Greek Real Estate Partners, Hampshire Real Estate Companies Secure $79 Million Financing Package for Parsippany Industrial Project

A joint venture led by Greek Real Estate Partners has secured a $79 million financing package to advance development of a Class-A industrial facility at 169 Lackawanna Avenue in Parsippany, New Jersey, Hampshire Real Estate Companies announced July 6. The financing clears the way for vertical construction on the 281,215-square-foot building, with substantial completion targeted for the first quarter of 2027.

Deal Structure: Recapitalization and Construction Loan

The $79 million package combines joint venture equity and construction financing. The structure includes a $49 million recapitalization and a $30 million construction loan provided by Provident Bank. Third-party capital in the joint venture is advised by Principal Asset Management, with Hampshire Real Estate Companies also participating as a joint venture partner alongside Greek Real Estate Partners.

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.

Property Specifications and Site History

The planned facility at 169 Lackawanna Avenue is designed to deliver modern logistics space featuring 40-foot clear heights, 39 loading docks, a 2,500-square-foot speculative office component, and a large on-site parking area. The building will total 281,215 square feet upon completion.

Greek Real Estate Partners acquired the Parsippany site in 2023, at which time it operated as an occupied office building. The site's earlier history includes use as a candy manufacturing operation and a data center. As part of the recapitalization, Greek Real Estate Partners demolished the existing structure and cleared the site in preparation for new construction.

Sponsor Commentary

"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 Hampshire Real Estate Companies.

Hampshire Real Estate Companies is a privately held real estate investment and development firm headquartered in Morristown, New Jersey.

Sources

Hampshire Real Estate Companies — Official Announcement, July 6, 2026