19 Crows Mill Road in Keasbey — Courtesy: Cushman & Wakefield
By Joshua Burd
A retail logistics firm has signed a full-building lease at a recently traded, 302,500-square-foot industrial property in Woodbridge, in a set of transactions arranged by Cushman & Wakefield.
Brokers on Wednesday announced the lease at 19 Crows Mill Road, a property in the township’s Keasbey section, between The Gilbert Co. and Liberty Property Trust. The deal comes less than 30 days after Liberty acquired the complex from Lefcourt Associates.
Cushman & Wakefield brokered both the sale and lease transactions, with a team led by Charles Fern, Gary Casaletto, Jason Barton, Thomas D. Tucci and Stephen Shoemaker.
“Investment and leasing demand for New Jersey industrial product continues on a historic trajectory, and these back-to-back transactions reflect the desirability of strategically located, well-maintained facilities,” Fern said.
Liberty acquired the property in late September, when the building was mostly vacant.
“Liberty’s acquisition and immediate long-term leasing of 19 Crows Mill Road deepens our presence along the New Jersey Turnpike continuing our strategy to acquire and hold high-demand industrial properties in the region,” said Peter Corcoran, vice president of leasing and development for the real estate investment trust’s New Jersey office.
C&W cited the building’s location near Exit 10 of the New Jersey Turnpike and about 20 miles from Port Newark-Elizabeth and Newark Liberty International Airport. In a news release, the firm said 19 Crows Mill offers ample loading and parking, heavy power, the presence of a 24-hour, on-site truck repair shop and recent improvements.
The Gilbert Co. is slated to take occupancy at 19 Crows Mill Road in the first quarter of 2019.
