Englewood Cliffs-based LG Electronics USA, the North American-based subsidiary of LG Electronics, has leased a industrial warehouse property in Franklin Township, according to Crow Holdings Industrial.
“Franklin Township is excited to welcome LG to our community,” Franklin Township Mayor Philip Kramer said. “We believe in the positive benefits of economic growth and appreciate the investment Crow Holdings has made in our township. We look forward to LG bringing jobs to Franklin and the opening of the facility in the beginning of 2020.”
Crow Holdings said on Tuesday it signed a seven-year, full-property lease with LG at Crow Holdings at Veronica Ave, a 925,000-square-foot industrial development it owns in partnership with funds affiliated with The Carlyle Group.
LG is anticipated to begin occupying the space, which is at the under-construction phase, in the first quarter of 2020.
“With the rapid growth of e-commerce and the overall strength of the economy, demand for industrial space is at record levels, and there are very few spec buildings of this size being built in Central Jersey,” Clark Machemer, senior managing director, Northeast, Crow Holdings Industrial, said. “While we were in contact with a number of interested tenants, LG was drawn to the building’s large footprint and Crow Holding Industrial’s status as a premier developer. We’re proud to help bring such a well-regarded tenant to Franklin Township, and we look forward to replicating this strategy at our other Northeast developments in the years ahead.”
Located within close access to New Jersey Transit buses and trains, the New Jersey Turnpike and Interstate 287, Crow Holdings at Veronica Ave features 40-foot ceilings, 170 trailer parking spots, 159 dock positions, four drive-in ramp and doors, and 394 parking spots.
Crow Holdings Industrial was represented by Cushman & Wakefield‘s Stan Danzig, vice chairman, and Kimberly Bach, associate, while LG was represented by C&W’s James Frank, executive managing director, and Jules J. Nissim, vice chairman.
“While industrial demand is at near-record levels, supply is currently lagging because of the challenges developers face in procuring suitable land,” Danzig said. “Crow’s impressive ability to identify this well-situated property and move quickly on acquisition and development will bring nearly 1 million square feet of much-needed industrial space to Central Jersey. We canvassed the market broadly and spoke with dozens of interested occupiers, before ultimately locking in a seven-year lease with LG.”
