A rendering of Crow Holdings at Veronica Ave in Franklin Township — Courtesy: Crow Holdings Industrial
By Joshua Burd
Crow Holdings Industrial has broken ground on a 925,000-square-foot warehouse project in Franklin Township, its first New Jersey project after entering the market last year.
The developer announced Tuesday that construction is underway at the Veronica Avenue site, seeking to tap into the unmet demand for modern industrial space in central New Jersey. Delivery for the project, known as Crow Holdings at Veronica Ave, is slated for the first quarter of 2020.
The news comes just over a year after the Dallas-based firm entered the Northeast market, hiring veteran industry executive Clark Machemer to lead its expansion here. The Northeast team now has a pipeline of some 5 million square feet of industrial space.
“Clark is one of the savviest and most well-connected professionals in New Jersey real estate and his ability to take this deal from land acquisition through design to construction in just 12 months is a testament to his great skill and market knowledge,” said Ken Valach, CEO of Crow Holdings Industrial and Trammell Crow Residential. “The central New Jersey industrial market has incredible demand, but there is a scarcity of developable land in attractive locations.
“Crow Holdings at Veronica Ave will be a significant addition to the submarket and is expected to meet with strong demand from e-commerce, logistics and other industrial occupiers.”
Crow Holdings Industrial and Trammell Crow Residential are the development companies of Crow Holdings, a privately owned real estate investment and development firm with a 70-year history. The developer acquired the Veronica Avenue site in January from 2020 Acquisitions, paving the way for its maiden project in the state.
Machemer touted the site’s proximity to NJ Transit bus and rail service. The building design will seek to appeal to the modern worker, he added, citing features such as large translucent windows that allow natural light, LED lights and murals that infuse the property with a sense of vibrancy.
The property will also include access points for food trucks and on-site walking trails, the firm said. Meantime, 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.
“In today’s industrial market, a successful development must go beyond checking boxes, and should include desirable amenities that serve as tools for tenants to attract and retain labor,” Machemer said. “Having just launched the Northeast strategy for Crow Holdings Industrial last year, we’re very excited to kick off our development activity with such a state-of-the-art project, with facilities and amenities that will rival any in the region and provide essential access to mass transit. We are very excited to add much-needed supply in one of New Jersey’s most active industrial distribution submarkets.”
Crow Holdings Industrial has retained the Cushman & Wakefield team of vice chairmen Stan Danzig and Jules J. Nissim and Associate Kimberly Bach to serve as the project’s leasing agents.
“With unemployment near record lows, labor is on the mind of all industrial tenants,” Nissim said. “The combination of strong demographics, proximity to mass transportation and the amenities that Crow Holdings is providing will definitely make this property particularly appealing to users.
“With easy access to both the NJ Turnpike and I-287, the facility is situated in an ideal location for traditional distribution and e-commerce occupiers. We expect interest from a wide range of tenants.”
The Crow Holdings businesses own and manage more than $18 billion in real estate assets, according to a news release. The companies have developed more than 15 million square feet of industrial space and over 30,000 residential units over the past seven years.