Crow Holdings Industrial, a real estate developer, announced recently it has broken ground on its first industrial project in New Jersey.
The project, Crow Holdings at Veronica Ave, is a 925,000-square-foot facility in Franklin Township.
In 2018, Crow hired Clark Machemer as a senior managing director to expand its platform in the Northeast, it said. The Northeast team has a current pipeline of 5 million square feet of industrial space.
“Clark is one of the savviest and most well-connected professionals in New Jersey real estate and his ability to take this deal from land acquisition through design to construction in just 12 months is a testament to his great skill and market knowledge,” Ken Valach, CEO of Crow Holdings Industrial and Trammell Crow Residential, said. “The central New Jersey industrial market has incredible demand, but there is a scarcity of developable land in attractive locations. Crow Holdings at Veronica Ave will be a significant addition to the submarket and is expected to meet with strong demand from e-commerce, logistics, and other industrial occupiers.”
Crow Holdings at Veronica Ave will feature 40-foot ceilings, 170 trailer parking spots, 159 dock positions, four drive-in ramps and doors, and 394 car spaces.
“In today’s industrial market, a successful development must go beyond checking boxes, and should include desirable amenities that serve as tools for tenants to attract and retain labor,” Machemer said. “Having just launched the Northeast strategy for Crow Holdings Industrial last year, we’re very excited to kick off our development activity with such a state-of-the-art project, with facilities and amenities that will rival any in the region and provide essential access to mass transit. We are very excited to add much-needed supply in one of New Jersey’s most active industrial distribution submarkets.”
Cushman & Wakefield‘s team of Stan Danzig, vice chairman; Jules J. Nissim, vice chairman; and Kimberly Bach, associate; will serve as the project’s leasing agency, Crow said.
“With unemployment near record lows, labor is on the mind of all industrial tenants. The combination of strong demographics, proximity to mass transportation and the amenities that Crow Holdings is providing will definitely make this property particularly appealing to users,” Nissim said. “With easy access to both the NJ Turnpike and I-287, the facility is situated in an ideal location for traditional distribution and e-Commerce occupiers. We expect interest from a wide range of tenants.”
The project is slated for completion by the first quarter of 2020.