A global logistics leader is expanding its footprint in a big way amid the Exit 8 industrial market.

Logistics Plus Inc. signed a full-building commitment for 1 million square feet at Crow Holdings Development‘s Millstone 8 Logistics Center. Located at 505 State Highway 33 in its namesake municipality, the developer announced the lease March 27.

Beyond enhancing Erie, Pa.-based Logistics Plus’ regional presence, the deal signals maturity in the Central Jersey submarket – as well an appetite for big box spaces.

Newmark Managing Directors Andrew Crites and Art Leichner and Senior Managing Director Kyle Eaton represented Logistics Plus in the transaction. JLL Vice Chairmen Rob Kossar, Nate Demetsky and Leslie Lanne served as leasing agents for Millstone 8 Logistics Center.

In partnership with The Carlyle Group and 2020 acquisitions, Crow Holdings Development launched the speculative Monmouth County project in 2021. According to the developer, the site’s location adjacent to Exit 8 on the New Jersey Turnpike was a draw.

“Crow Holdings Development has a long track record of staying ahead of the pack in identifying new and viable submarkets,” commented Crow Senior Managing Director Clark Machemer. “We recognized Exit 8 as a natural extension of the 8A Turnpike market, and the Logistics Plus lease is proof of concept.”

With annual global sales of more than $600 million, Logistics Plus boasts an employee count upwards of 1,200 operating in more than 50 counties.

In a statement, Logistics Plus Vice President, Supply Chain Solutions Jenny Melgert said warehousing persists as a fast-growing segment for the business. “Our new 1 million-square-foot facility in New Jersey expands our Northeast warehousing capabilities and brings us closer to 10 million square feet of warehousing across the North America,” she said.

Meeting tenant demand

According to NAI James E Hanson’s fourth quarter 2024 industrial report, the Logistics Plus deal marked the largest for the period.

The final quarter of the year also saw improvements for leasing, generally. JLL also noted strong momentum in its Q4 assessment, identifying 10 renewals over 250,000 square feet in the Exit 8A/8 submarket.

Commenting on the latest lease for Crow, Kossar said, “This transaction showcases the need for modernized industrial warehouse space and the cutting-edge advances of Crow Holdings and 2020 Acquisitions to meet tenant demands.”

Logistics is big business in the state. And 3PL tenants driving industrial demand has helped temper rising vacancy rates.

“Quality and location clearly provided a competitive edge in the case of our transaction with Logistics Plus,” said Machemer.

“Overall, the big box market in New Jersey continues to outperform regionally, with 3PLs leading the charge,” he added. “This is a credit to the state’s central access to New York City, Philadelphia, and all points between and beyond.”

Crow Holdings Development said Millstone 8 Logistics also features a 220,000-square-foot building occupied by United Legwear.

The Logistics Plus deal follows other high-profile tenants joining local projects from Crow Holdings’ development platform:

• MLB Network will establish its new headquarters at the site of the former Marcal Paper Warehouse in Elmwood Park; and
• DSV Global Transport and Logistics signed on for 355,000 square feet at Crow Holdings at Carteret.

The firm says it has introduced more than 4.2 million square feet of new industrial inventory since 2020. Additionally, it has 1 million square feet of construction in progress across New Jersey, New York and Pennsylvania. That includes Crow Holdings at 6A in Burlington, currently under development.