Chicago-based CRG on Aug. 25 said it sold two speculative industrial facilities in East Greenwich to Watson Land Co. for $107.74 million.
The asset consists of The Cubes at Huff Lane, a 283,040-square-foot building, and The Cubes at Harmony Road, a 252,750-square-foot building, both located in the East Greenwich Logistics Center in Mickleton, about 20 miles southwest of Philadelphia, less than a half-mile from the New Jersey Turnpike and less than 20 miles from Interstate 95.
East Greenwich Logistics Center, The Cubes, Mickleton. – JLL CAPITAL MARKETS
The Cubes at Harmony Road is located at 191 Harmony Road and is fully leased to a global e-commerce fulfillment company. The second building, located at 100 Huff Lane, is also fully leased. JLL managed the leasing process for both facilities, which were developed by CRG in a joint venture partnership with Pacific Coast Capital Partners LLC and completed in September 2020.
“Each of these buildings 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 Philadelphia and major freeways gave us a strategic position in the market. As major e-commerce users and logistics users continue to prioritize the Southern New Jersey industrial markets, CRG will continue to establish its footprint here to meet those needs.”
The JLL Capital Markets team representing the sellers was led by Senior Managing Director John Plower, Director Ryan Cottone and Analyst Zach Maguire, along with Vice Chairman Paul Torosian, Managing Director Dean Torosian and Executive Managing Director Nate Demetsky.
“We saw a tremendous amount of investor interest in this offering due to the high quality of construction, infill location and the in-place cash flow that both leases provide,” Plower said. “Southern New Jersey is a great distribution location, as it provides easy access locally and regionally along I-295 and the New Jersey Turnpike and is just across the river from Philadelphia’s massive population center.”
