S hopping C enters N ew J ersey /P en sylvania

M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B


Gabriel, Merin & Schmidt of Cushman & Wakefield brokers transaction Crow Holdings Industrial completes $164M sale of 925,000 s/f Franklin Twp., NJ logistics property

RANKL IN TOWN- SHIP, NJ — Crow Holdings Industrial (CHI) has sold 50 Veronica Ave., a 925,000 s/f, fully oc- cupied warehouse in Franklin Twp. to BentallGreenOak, on behalf of an institutional inves- tor, for $164 million. The newly built property was developed in partnership with The Carlyle Group and is fully leased to LG Electronics USA, which commenced its seven-year tenancy in April 2020. Cushman & Wakefield’s East Rutherford-based capi- tal markets team of Gary HI-LIGHTS JULY 24 - AUG. 13, 2020 F

After CHI began its North- east operations with the hire of Machemer in 2018, CHI and an investment fund advised by The Carlyle Group acquired the site from 2020 Acquisitions in early 2019 and began construc- tion several months later. The CHI Northeast team, which is actively looking to expand its local portfolio, currently features an impressive 5-mil- lion s/f development pipeline of properties in NY, NJ and PA. Designed to appeal to the modern industrial worker, 50 Veronica Ave. was constructed with a range of features includ- ing large translucent windows that allow natural light and LED lights that create an open and bright working environ- ment. The class A property features 40-ft clear heights and includes 170 trailer parking spots, 159 dock positions, four drive-in ramps and doors, and 394 car spaces. Carlyle’s equity for its in- vestment in the Franklin Twp. development came from the Carlyle Realty Partners VIII fund . MAREJ leaders over the past several months has been especially rewarding.” In Easton, PA CBRE an- nounced the sale of LogistiC- enterSM at 33, a 475,800 s/f e-commerce facility located at 4200 East Braden Blvd. Michael Hines, Brad Rup- pel, Brian Fiumara and Lauren Dawicki of CBRE National Partners spear- headed the marketing cam- paign and negotiated the sale transaction on behalf of the seller, a partnership which included PCCP, LLC. The 2016-completed logis- tics facility was developed to market-leading specifications, including: tilt-up concrete panels; 36’ clear height; 69 dock-high; 3000 AMP electric service; ESFR fire suppression systems; and fully-adhered EPDM roof. MAREJ

Gabriel , vice chairman, An- drew Merin , executive vice chairman, and Kyle Schmidt ,

managing di- rector, repre- sented CHI in the trans- action. “ W i t h strong pric- i n g , t h i s transaction e v i d e n c e s t ha t b e s t - i n - ma r k e t i n d u s t r i a l real estate remains liq- uid, despite the economic and heal th stories in the press,” said Gabriel. C l a r k

Gary Gabriel

50 Veronica Ave.

activity to a standstill, there is still tremendous demand for state-of the-art logistics properties. Further, having LG in place as a long-term tenant made this a particularly desir- able asset. We’re thrilled with the result of our 50 Veronica Ave. development, which, as our first project in the North - east, serves as a prototype of a successful CHI develop- ment. 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.” “It’s difficult to complete any transaction given the current situation, but the Cushman team did an excellent job of bypassing obstacles and bring- ing 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.”

Andrew Merin

Machemer , senior man- aging dir. of CHI’s North- east region, said, “While the pandemic has brought most investment Kyle Schmidt


Fahey, Kranzel, Hannan and Corcoran market property on behalf of the seller CBRE arranges sale of Independence office tower at 1901Market St., Phila. for $360million



PHILADELPHIA, PA — CBRE announced the sale of 1901 Market St., a landmark, class A office tower that has served as the headquarters for Independence Blue Cross (Independence) since construc- tion was completed in 1989. Independence acquired the 45-story, 800,000 s/f building for $360 million. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets’ Institutional Properties team marketed the property on behalf of the seller, Piedmont Office Realty Trust . 1901 Market St. has benefit - ed frommore than $110 million in capital improvements over the last eight years. Upgrades to the office tower included a new lobby, an outdoor plaza, renovations throughout for a

Robert Fahey Jerry Kranzel

Erin Hannan Jack Corcoran

more modern look, new me- chanical systems and other amenities. “We are pleased and hon- ored to have been chosen by Piedmont as their marketing 1901 Market St.

and financial advisor for this landmark transaction,” said Robert Fahey, executive vice president, CBRE. “Working closely with these two industry



Made with FlippingBook Learn more on our blog