S hopping C enters C entral NJ S potlight
M id A tlantic Real Estate Journal — Central New Jersey — May 21 - June 17, 2021 — 7B
www.marej.com
A fully remediated site to be developed into three-building logistics park Crow Holdings announces plans for “Crow Holdings at Carteret”, 1.2MSF industrial property
ARTERET, NJ — Crow Holdings In- dustrial , the indus- trial development company of Crow Holdings has acquired a prime 126-acre property in Carteret from Rahway Arch Properties with plans to break ground this sum- mer on a three-building, 1.2 million-s/f speculative development. CrowHoldings tapped Stan Danzig, Jules Nissim and Kim Bach of Cushman and Wakefield to lease the space. The property will bring the region much-needed logistics space in a prime spot just off of Exit 12 of the New Jersey Tpke. With the unprecedented demand for distribution centers in recent years, industrial vacancies have consistently hovered near zero, as occupiers have absorbed new developments as quickly as they have been built. “With e-commerce gain- ing steam over the past few years, my administra- tion has long recognized the importance of industrial construction in our town’s economic redevelopment initiatives, and it’s exciting TRENTON, NJ — Time Equities, Inc. (TEI) , a full-service real estate firm, today announced it has ac- quired a 200-unit, class A, multi-housing threw build- ing portfolio (the Trenton Loft portfolio) in Trenton for $28.85 million. “We view our purchase of The Trenton Loft Portfolio as an opportunity to ac- quire a high quality, Class A urban portfolio in a com- munity underserved with respect to the product type,” said Brian Soto , director of acquisitions and asset management at TEI. “We were impressed by the level of detail and thought which C
Crow Holdings at Carteret renderings
to see a national developer like Crow Holdings begin a project of this magnitude,” said Carteret Mayor Daniel J. Reima n. “Besides creat- ing ratables, these industrial facilities will bring hundreds of Union construction jobs and hundreds of full time permanent jobs to Carteret residents, all of which will benefit the borough more broadly. While this once abandoned site has been un- derutilized for many years, it’s exciting to see it begin the next chapter in its story as an economic engine that serves the needs of Carteret and surrounding areas.” The property spent much of the 20th century operating as a historic industrial location for several manufacturing
companies. Over the past decade, the property under- went environmental remedi- ation through the leadership of Rahway Arch, ultimately receiving full approvals from New Jersey’s Department of Environmental Protection. “The redevelopment of this site is good for the town as a tax ratable and because it brings more jobs,” said Rinaldo D’Argenio , Rah- way Arch’s managing mem- ber. “Crow Holdings’ proven ability to deliver and close on complicated transactions is further evidenced by its acquisition of the property.” “Several years into the transformation of the indus- trial real estate industry, developable land has become scarce in this region, and
a parcel of this size on the Turnpike presents a very compelling opportunity,” said Clark Machemer , senior managing director of Crow Holdings Industrial. “With access to a strong la- bor pool and Carteret’s pro- business climate, the strate- gic location of this property makes it an unmatched spot for 21st-century industrial development. We’re antici- pating kicking off construc- tion very soon, with the goal of delivering the first build- ing in the first half of 2022.” The three buildings will range in size from 335,000 to 480,000 s/f. The buildings will each feature 40’ clear heights, and — in the aggregate —will include 140 trailer parking spots, 174 dock doors and six supply within the region.” Soto, along with Max Pas- tor , director of acquisitions at TEI, served as the ac- quisition and asset manag- ers. Commercial brokerage JLL’s Mike Oliver, Fran Coyne and Jose Cruz bro- kered the transaction on behalf of the seller. The three buildings are located in the Trenton Tran- sit Center/Chambersburg neighborhood and are within walking distance of each other as well as the Trenton Transit Center which offers AMTRAK and NJ Transit train service making it an ideal location to access Phila- delphia and/or Manhattan.
drive-in ramps. For Crow Holdings In- dustrial, this development comes months after the com- pany’s first marquee prop- erty sale in the Northeast, the $164-million disposition of 50 Veronica Avenue, a newly built 925,000-square- foot property in Franklin Township, NJ, which is fully leased to LG Electronics USA. Coming just two years after Crow Holdings com- menced industrial develop- ment operations in the re- gion, the transaction — one of the largest single-asset in- dustrial property sales in the country during the pandemic — immediately established Crow Holdings as one of the most capable developers in the Northeast. MAREJ The portfolio is also close to the Princeton submarket (10 miles) and Philadelphia (30 miles) via Rte. 1, I-295 and I-95. “Beyond being high-quali- ty multi-family product, the Trenton Loft Portfolio offers market leading amenities to tenants such as screening rooms, fitness centers and lounges which are unique in the market,” said Pastor. “We foresee the addition of The Trenton Lofts Portfolio as a complementary addi- tion to our growing multi- family portfolio providing the opportunity for sustain- able cash flow and future appreciation.” MAREJ
Time Equities acquires a multi-housing, three development portfolio in Trenton, NJ for $28.85M
The Trenton Loft Portfolio
went into the design and renovation of the buildings by the original developer
and their commitment to providing a quality product which is generally in scare
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