GlobeSt.com (June 23, 2020) - Crow Holdings Industrial has sold its newly-built, 925,000-square-foot, warehouse in Franklin Township, NJ to BentallGreenOak, on behalf of an institutional investor, in a $164 million transaction.
Situated at 50 Veronica Ave., the logistics property is fully-leased to LG Electronics USA, which commenced its seven-year tenancy in April 2020.
Serving as Crow Holdings Industrial’s first development project within the Northeast region, the company developed the property in partnership with the Carlyle Group. The partners acquired the site from 2020 Acquisitions in early 2019, and began construction on the development later that year.
Located near the New Jersey Turnpike and Interstate 287, the class A logistics property features 40-foot clear heights, 170 trailer parking spots, 159 dock positions, four drive-in ramps and doors, and 349 car spaces, as well as large translucent windows and LED lights.
Senior managing director of Crow Holdings Industrial’s Northeast region, Clark Machemer stated, “While the pandemic has brought most investment activity to a standstill, there is still tremendous demand for state-of the-art logistics properties. Further, having LG in place as a long-term tenant made this a particularly desirable asset. We’re thrilled with the result of our 50 Veronica Avenue development, which, as our first project in the Northeast, serves as a prototype of a successful CHI development. With collaboration from the municipality and our key partners on this project, we were able to acquire, build and lease the property in less than 18 months, leveraging our extensive market knowledge and an expedited construction timeline to bring much-needed industrial space to Central New Jersey.”
Representing Crow Holdings Industrial in the transaction was Cushman & Wakefield’s East Rutherford-based, capital markets team of vice chairman, Gary Gabriel, executive vice chairman, Andrew Merin and managing director, Kyle Schmidt.
“With strong pricing, this transaction evidences that best-in-market industrial real estate remains liquid, despite the economic and health stories in the press,” said Gabriel.
The Carlyle Group invested in the development through equity from the Carlyle Realty Partners VIII fund.
Crow Holdings Industrial commenced its Northeast operations upon hiring Machemer in 2018. The company’s Northeast team currently handles a five-million-square-foot pipeline of properties in NY, NJ and PA.
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