JLL said on Tuesday that it completed the sale of a 92-acre industrial development site in Wallkill, New York, on behalf of Morristown-based Vision Real Estate Partners.
Located at 350 Silverlake-Scotchtown Rd. on a site known as Golden Triangle, the fully approved industrial development parcel was acquired by Crow Holdings Development. CHD plans to break ground on the first phase of what will become Golden Triangle Logistics Center in Q3, 2024.
Phase I will comprise a 535,603-square-foot, state-of-the-art industrial facility with 88 dock doors, storage for 83 trailers and 422 car parking spaces as well as 36 ft. clear ceiling heights. JLL Northeast Industrial has been retained to market the new facility for lease.
Phase II is approved for 299,200 square feet of development and a facility that could include 38 dock doors, 34 trailer storage sites and parking for 199 cars.
“Seeing the site developed, contributing to the town’s tax base, creating jobs and meeting demand for Class A logistics space has been a long-term goal for us,” Ryan Fraser, senior vice president – Investments, Vision Real Estate Partners, said. “JLL has been a terrific partner in navigating the current economic landscape and finding a buyer who shares our vision for the site.”
Vision RE Partners became a joint venture partner on the long-vacant site in 2018 after earlier plans to build a mixed-use retail property there were scrapped. The Town of Wallkill approved a rezoning to suit industrial development as part of its commitment to economic development that has turned Orange County into one of the most active industrial construction sites in the Northeast, where capital and entitlement hurdles has led to a selective pullback elsewhere.
JLL Northeast Industrial Vice Chairman Rob Kossar and Executive Managing Director James Panczykowski brokered the sale with Capital Markets Senior Managing Directors Jon Mikula and Jim Cadranell.
“This sale presented Crow Holdings Development with a rare opportunity to own a development site of scale in a space-constrained region with an outstanding regional and local logistics profile,” Panczykowski said. “We are excited to work with them as they move forward with a development plan that suits their strategic business goals.”
“Crow Holdings Development has a long, proud history of industrial development, and we’re excited to contribute to the continued economic growth and vitality of the area,” Brad Vander Vliet, vice president of CHD Northeast Division said. “We look forward to partnering with stakeholders in the area to deliver sought-after industrial space in this key market.”
