Millstone 8 Logistics Center at 505 Route 33 in Millstone — Courtesy: Crow Holdings Development
By Joshua Burd
Crow Holdings Development has landed a 1 million-square-foot industrial deal, inking a full-building lease in Millstone with one of the nation’s fastest-growing logistics firms.
According to the developer, the transaction at 505 Route 33 marks a regional expansion move for Logistics Plus Inc. and places it less than six miles from New Jersey Turnpike Exit 8. That’s where it will occupy one of two buildings at Millstone 8 Logistics Center, part of a speculative project that Crow Holdings completed in tandem with The Carlyle Group and 2020 Acquisitions.
Newmark’s Andrew Crites, Art Leichner and Kyle Eaton represented Logistics Plus in the transaction, while JLL’s Rob Kossar, Nate Demetsky and Leslie Lanne served as the property’s leasing agents.
“Crow Holdings Development has a long track record of staying ahead of the pack in identifying new and viable submarkets,” said Clark Machemer, a senior managing director with the firm and head of its Northeast team. “We recognized Exit 8 as a natural extension of the Turnpike market, and the Logistics Plus lease is proof of concept. We are thrilled to provide our client with a world-class facility to meet its evolving needs.”
In announcing the deal, the development team noted that it launched construction at the 140-acre, western Monmouth County site in 2021, drawn by its location adjacent to Exit 8. The completed Millstone 8 Logistics Center also includes a 220,000-square-foot building occupied by United Legwear, while the campus has a full complement of sustainable and Class A industrial design elements as well as abundant car and trailer parking.
The firm said the deal with Logistics Plus not only validates the submarket but shows that there’s still demand from large-scale industrial tenants.
“JLL was honored to partner with Crow Holdings Development on the execution of the Logistics Plus lease,” 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 Plus, a global firm focusing on transportation, warehousing, fulfillment, logistics, business intelligence, technology and supply chain solutions, was founded in 1996 in Erie, Pennsylvania, according to its website. The company today has annual global sales of more than $600 million and over 1,200 employees in more than 50 countries.
It also illustrates the dominance of third-party logistics providers in driving today’s industrial leasing market, Machemer said.
“The development of this property launched at a time when inventory could not come online fast enough to accommodate post-pandemic demand for large-scale, e-commerce requirements,” he said. “That picture has shifted, to be sure. And while large deals are closing with less frequency, they are still happening. 3PLs are behind the majority.
“Quality and location clearly provided a competitive edge in the case of our transaction with Logistics Plus,” he added. “Overall, the big box market in New Jersey continues to outperform regionally, thanks to its central access to New York City, Philadelphia and all points between and beyond.”
Crow Holdings’ other Northeast projects include Crow Holdings at Carteret and 25 Market St. in Elmwood Park, the firm said, while Crow Holdings at 6A in Burlington and the Golden Triangle Logistics Center in Wallkill, New York are under development. The company has introduced more than 4.2 million square feet of new industrial inventory since 2020 and currently has 1 million square feet of construction in progress across New Jersey, New York and Pennsylvania.
