Cypress entered into a partnership with Stockbridge Capital, to lead a recapitalization and development of a 48 Acre site in Linden, N.J. The property had been tied up in litigation and environmental remediation for the previous decade. The result was a stalled project on a prime land parcel in Linden.
Cypress was able to leverage its long-standing relationship with Walmart to anchor this new 400K/sf shopping center. We converted a ground lease that was executed 5+ years earlier, to a build to suit and delivered a 185,000 Supercenter for Walmart. We were able to secure all the environmental and governmental approvals to build this unique retail center. With significant tenant demand, we closed and started construction in 2018. With Walmart opening in 2019, we were able to continue to build and lease this project during the COVID pandemic opening the rest of the center at the beginning of 2021.
This represents the first large retail center built in Linden in the past decade.