Two industrial facilities in the East Greenwich Logistics Center sold for $107.74 million, according to real estate firm JLL Capital Markets.
The facilities, a 283,040-square-foot building at Huff Lane and a 252,750-square-foot building located at Harmony Road, were developed under the Cubes brand by CRG, the real estate and development arm of Chicago-based Clayco, JLL said in a news release.
“This is the strongest industrial market of our lifetimes, and today’s users require best-in-class, next-generation facilities to keep pace with that demand,” CRG President Shawn Clark said in a statement. “That’s the standard we put into each of the Cubes, including these two in East Greenwich.
CRG sold the industrial buildings to Watson Land Co., a developer based in Carson, California. Both facilities are fully leased, JLL said.
“We saw a tremendous amount of investor interest in this offering due to the high quality of construction, infill location and the in-place cash flow that both leases provide,” JLL Senior Managing Director John Plower said.
Plower led the team of Ryan Cottone, Zach Maguire, Paul Torosian, Dean Torosian and Nate Demetsky that represented CRG in the sale.
“As major e-commerce users and logistics users continue to prioritize the southern New Jersey industrial markets, CRG will continue to establish its footprint here to meet those needs,” CRG Senior Vice President Frank Petkunas said.
