Located at Crow Holdings at Veronica Ave, the 925,000-square-foot industrial development is owned by Crow in partnership with funds affiliated with The Carlyle Group. LG will begin occupancy at the under-construction, warehouse property in the first quarter of 2020.
The property features include large translucent windows that allow natural light and LED lights that create an open and bright working environment. The building will have 40-foot clear heights and will include 170 trailer parking spots, 159 dock positions, four drive-in ramps and doors, and 394 car spaces.
For Crow, the lease announcement is validation of the company’s Northeast expansion strategy.
After beginning New Jersey operations in mid-2018 with the hire of industry veteran Clark Machemer, the company acquired the Veronica Avenue property with The Carlyle Group in the first quarter of 2019 from Efrem Gerszberg of 2020 Acquisitions, and put shovel to ground on the speculative development in the second quarter.
In addition to this property, Crow already boasts an impressive 5 million-square-foot development pipeline less than 18 months after commencing regional operations.
“With the rapid growth of e-commerce and the overall strength of the economy, demand for industrial space is at record levels, and there are very few spec buildings of this size being built in Central Jersey,” said Machemer. “While we were in contact with a number of interested tenants, LG was drawn to the building’s large footprint and Crow Holding Industrial’s status as a premier developer. We’re proud to help bring such a well-regarded tenant to Franklin Township, and we look forward to replicating this strategy at our other Northeast developments in the years ahead.”
Crow was represented by Cushman & Wakefield Vice Chairman Stan Danzig and Associate Kimberly Bach, while LG was represented by Cushman & Wakefield Executive Managing Director James Frank and Vice Chairman Jules Nissim.
Carlyle’s equity for its investment in the Franklin Township development came from the Carlyle Realty Partners VIII fund. Financial terms of the transaction were not disclosed.