S hopping C enters N ew J ersey /P en sylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
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Plans to omit 900,000 s/f of vacant buildings tomake way for modern industrial space Russo Dev. &Onyx Equities acquire 62 ac. in East Hanover, NJ to build 826,800 s/f industrial facility
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of the Novartis 202-acre US headquarters campus. The development will be one of
AST HANOVER, NJ — Russo Develop- ment and Onyx Eq-
the largest new indus- trial projects i n Mo r r i s County. “ W e a r e e x c i t e d t o redevelop a portion of one of northern
uities have purchased 62 acres at Rte. 10 and Ridge- dale Avenues fromNovartis Corporation wi th p l ans to eliminate 900,000 s/f of
Edward Russo John Saraceno, Jr.
New Jersey’s premier sites into a first-class industrial project,” said Edward Russo , CEO of Russo Development. “We appreciate the opportunity to work with East Hanover Township and Novartis as the company transforms its East Hanover campus to a more flexible and collaborative workplace design.” “This project reflects Onyx’s strong track record of re - positioning large corporate campuses and growing indus- trial pipeline, and will bring new jobs, businesses and
vacant office buildings to make way for 826,800 s/f of modern industrial space. The site is currently a part HI-LIGHTS JANUARY 21 - FEB. 17, 2022
62 acres at Route 10 and Ridgedale Avenues 300,000 and 500,000 s/f before year end.
commerce to East Hanover,” said John Saraceno, Jr. , co-founder and managing principal for Onyx Equities. “Morris County is a jewel for commercial uses of all types because of its extensive high - way system and pool of highly qualified, skilled labor.” Work will start in early 2022 with ground-breaking on two buildings ranging between
In addition to East Hanover, Russo and its partners have over six million s/f of industrial projects ranging from 200,000 to three million s/f planned in various communities including Montville, Mahwah, Kearny, Lyndhurst, and Woolwich. Onyx is also developing mil- lions of industrial s/f through- out New Jersey and Long Island. MAREJ investment to be made by Crow Holdings,” said Dan Langdon , GBDF Chairman. The class A logistics facility will feature a 40’ clear height, 182 dedicated trailer parking stalls, 124 loading docks and 4 drive-in doors. It will also feature 484 spaces for car parking. For Crow Holdings, this project — its first in the Le - high Valley — is the most recent example of the com- pany’s national expansion. Three years after launching its Northeast operations in 2018, the Crow Holdings team has built a develop - ment pipeline of more than 11 million s/f of industrial space in New Jersey and Pennsylvania, including Millstone 8 Logistics Center, a two-building, 1.2-million s/f property in Millstone, NJ; and Crow Holdings at Carteret, a three-building, 1.2-million s/f property in Carteret, NJ. MAREJ
This is the second joint ven- ture between Onyx Equities and Russo Development who are currently building Ver - mellaWoodbridge, amixed-use project with 500 apartments and 23,000 s/f of retail space, situated on 26 acres in Wood- bridge Township, acquired fromHess Corporation in 2020.
SPOTLIGHTS SOUTHERN NJ
Crow Holdings announces plans for 652,000 s/f state-of-the-art logistics property in Reading, PA
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WCRE 4th Qtr. 2021 Report
ONTELAUNEEE, PA — Crow Holdings Industrial , the industrial development
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company of Crow Hold- i n g s a n - n o u n c e d its plans to d e v e l o p a 652,080 s/f, state-of-the- art logistics property in Ontelaunee.
PENNSYLVANIA
NAI CIR inks transactions totaling 18,960 s/f and 8.63 acres
Dan Langdon
Crow Holdings purchased the 59.6-acre property in No- vember 2021 from the Greater Berks Development Fund (GBDF) , the economic devel- opment arm of the Greater Reading Chamber Alliance (GRCA) . After acquiring the property as part of a larger parcel in 2019, GBDF worked with local authorities to rezone the site for industrial use, and subsequently sold it to Crow Holdings to facilitate the cre- ation of this logistics facility. “Tenant demand continues to surge, but what truly set this
deal checks all the boxes for a successful industrial project.” The property is strategically located within the Reading mar- ket, one of the most sought-after locations for industrial develop- ment in southern Pennsylvania “Greater Berks Develop - ment Fund continues to play a role in identifying oppor- tunities for growth of the Berks County economy and we are appreciative of the property apart is its incredible access to labor,” said Johanna Chervak , VP of Crow Hold - ings. “We looked at several dif - ferent properties in the market, and there was nothing that even approached this site’s ac- cess to the Reading labor pool via Rtes. 61 and 222 and I-78. Coupled with its location in On- telaunee — a municipality that recognizes the economic value of logistics development — this A new industrial park will soon be built in Ontelaunee Township.
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People on the Move
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