S hopping C enters N ew J ersey /P en sylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
www.marej.com
JLL Capital Markets team represents seller of two warehouses totaling 535,790 s/f CRG completes sale of New Jersey industrial portfolio to Watson Land Company for $107.74M
AST GREENWICH, NJ — CRG , the real estate development and investment arm of Chica- go-based Clayco announced the sale of two speculative industrial facilities in East Greenwich, NJ, for $107.74 million. The firm sold The Cubes at Huff Lane, a 283,040 s/f building, and The Cubes at Harmony Road, a 252,750 s/f building, both located in the East Greenwich Logistics Center about 20 miles south- west of Philadelphia. The sale to Carson, Cali- E HI-LIGHTS SEPT. 17 - OCT. 21, 2021 SORDONI CONSTRUCTION CO. GAINS A PROJECT EXECUTIVE
was a major success for our clients and capital partners,” said Frank Petkunas , senior vice president, partner and Northeast industrial leader for CRG. “The facilities’ last- mile accessibility to Philadel- phia and major freeways gave us a strategic position in the market. As major e-commerce users and logistics users con- tinue to prioritize the South- ern New Jersey industrial markets, CRG will continue to establish its footprint here to meet those needs.” CRG develops its industrial buildings under The Cubes brand, which prioritizes core national markets with access to major population centers and strong local workforces in key logistics corridors. Since 2018, the firm has broken ground on approximately 18 million s/f of The Cubes proj- ects across the country, more than 10 million s/f of which
has already been delivered. The JLL Capital Markets team representing the sellers was led by senior manag- ing director John Plower , director Ryan Cottone and analyst ZachMaguire , along with vice chairman Paul To- rosian , managing director Dean Torosian and execu- tive managing director Nate Demetsky . “This is the strongest indus- trial market of our lifetimes and today’s users require best- in-class, next generation fa- cilities to keep pace with that demand,” said Shawn Clark, president of CRG. “That’s the standard we put into each of The Cubes, including these two in East Greenwich. We bring these buildings to life with the most vertically integrated development and investment platform in the country, and each successful sale helps us prove that.” MAREJ
The Cubes
fornia-based Watson Land Company was brokered by JLL , whichmanaged the leas- ing process for both facilities. They were developed by CRG in a joint venture partnership with Pacific Coast Capital Partners, LLC (“PCCP”) and completed in September 2020. The Cubes at Harmony Road is located at 191 Harmony BUCKS COUNTY — ASB Real Estate Investments (ASB) and Endurance Real Estate Group, LLC an- nounced the sale of a 430,373 s/f, multi-tenant industrial building for $41.975 million to EQT Exeter , a global real estate operator. ASB and joint venture partner Endurance Real Estate Group bought the property located at 450 Winks Ln. in Bucks County just off the Street Rd. exit of (I-95 in December 2018. ASB’s sale was made on behalf of its Meridian Real Estate Fund II . Originally built in 1973 and located within the Expressway 95 Business Park, 450 Winks Ln. is strategically situated immediately north of Phila- delphia. The property offers superior access to many major arteries including US Rtes. 1, 13, 130, exit 351 of the PA Tpke. and the New Jersey Tpke.. Brodie Ruland , ASB man- aging director and co-head of acquisitions, said: “The sale rep- resents an excellent execution
Road and is fully leased to a global e-commerce fulfill- ment company. The second building, located at 100 Huff Ln., is also fully leased. East Greenwich Logistics Center is adjacent to I-295, less than a half mile from the New Jersey Tpke. and less than 20 miles from I-95. “Each of these buildings
ASB&Endurance sell industrial asset for $41.975M executing successful value creation strategy
3B
SPOTLIGHT NORTHERN NJ
7-8B
PENNSYLVANIA
450 Winks Ln.
11-14B
president of Endurance stated: “Demand of infill industrial assets continues to be a strong market driver in the surround- ing counties of suburban Philly. Our diverse tenant roster made this a very desirable industrial opportunity, which was highly
competitive and sought after by many buyers.” The CBRE National Partners team of Brad Ruppel, Mike Hines, Brian Fiumara, Lau- ren Dawicki and Joe Hill represented the seller and pro- cured the buyer. MAREJ
of our value creation strategy and benefits from the current high demand from institutional investors for industrial proper- ties, driving down cap rates, increasing valuations, and es- calating sale prices.” Albert J. Corr , senior vice
ALSO INSIDE
www.marej.com CREW NJ.............................. 10B CCIM. ...................................15C
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