Millstone 8 Logistics Center at 505 Route 33 in Millstone — Courtesy: JLL
By Joshua Burd
A team led by Crow Holdings Development has sold nearly 1 million square feet of new logistics space in Millstone, in a deal with the global real estate investment manager BGO.
Brokerage teams with JLL arranged the sale and acquisition financing for the buyer, which paid an undisclosed sum for the property at 505 Route 33. The blockbuster deal by Crow Holdings, The Carlyle Group and 2020 Acquisitions follows the project’s completion in 2022 and a full-building lease signed in late 2024, which brought Logistics Plus to the 997,965-square-foot facility off New Jersey Turnpike Exit 8.
JLL’s Rob Kossar, John Plower and Nate Demetsky brokered the lease and the sale to BGO, according to the developer. Jim Cadranell and Jon Mikula, senior managing directors with JLL’s Morristown-based capital markets team, along with Associate John Cumming and Analyst Caleb Henry sourced the acquisition loan through Northwestern Mutual.
“This acquisition represented a best-in-class industrial asset in one of the strongest performing logistics corridors in the United States,” Cadranell said. “The combination of superior building specifications, strong tenant profile and strategic location made this an exceptional lending opportunity.”
In a news release, JLL noted that Millstone 8 Logistics Park has 40-foot clear ceiling heights, 170 loading doors, cross-dock loading capabilities and parking for 458 cars and 273 trailers. The 140-acre site is less than a 10-minute drive from the Turnpike, providing access to major arteries such as interstates 295, 78 and 287 and to Newark Liberty International Airport and Port Newark-Elizabeth.
The location also has more than 300,000 residents within a 10-mile radius with an average household income of $180,000, JLL said, adding that Millstone sits in western Monmouth County at the geographic midpoint between New York City and Philadelphia, offering connectivity to more than 130 million consumers within one day’s drive.
Crow Holdings Development and its partners broke ground at the site in 2021, seeking to leverage the widening of the Turnpike completed in 2014 and improvements made to the Exit 8 interchange.
“The property’s stabilization and disposition illustrate both the maturity of New Jersey’s Turnpike Exit 8 market and continued regional demand for large-scale industrial,” said Clark Machemer, a senior managing director with the firm. “The success story extends CHD’s long track record of staying ahead of the pack in identifying new and viable submarkets.”
JLL, meantime, noted that BGO is a global real estate investment management adviser serving more than 750 institutional clients with some $90 billion in assets under management. Its newest property in central New Jersey is part of a submarket with 5.4 percent vacancy, including exits 8 and 8A, with year-over-year rental growth of 12.4 percent since 2018.
Crow Holdings, Logistics Plus ink 1 million sq. ft. lease at new Exit 8 industrial campus
