Crow Holdings Industrial, a national industrial developer based in Dallas, Texas, announced on Tuesday it has sold a 925,000-square-foot logistics warehouse in Franklin Township for $164 million.
The Class A property, located at 50 Veronica Ave., was purchased by BentallGreenOak from an institutional investor. It was developed in partnership with The Carlyle Group and is fully-leased to LG Electronics USA, which began a seven-year tenancy in April.
“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,” Clark Machemer, senior managing director of CHI’s Northeast region, said.
Cushman & Wakefield’s East Rutherford-based capital markets team of Gary Gabriel, vice chairman, Andrew Merin, executive vice chairman, and Kyle Schmidt, managing director, represented CHI in the deal.
“With strong pricing, this transaction evidences that best-in-market industrial real estate remains liquid, despite the economic and health stories in the press,” Gabriel said.
Machemer said the COVID-19 pandemic has basically halted investment activity. However, there’s still demand for state-of-the-art logistics properties, like 50 Veronica Ave.
“It’s difficult to complete any transaction given the current situation, but the Cushman team did an excellent job of bypassing obstacles and bringing us to closing. Their skill at delivering the information and important attributes of the deal made the process very smooth from both the buyer’s and seller’s perspectives.”
The property offers a range of amenities including large translucent windows, LED lights, 40-foot ceilings, 170 trailer parking spots, 159 dock positions, four drive-in ramps and doors, and 394 car spaces. It is also located within close access to the New Jersey Turnpike and Interstate 287.