Page 8 - RENJ May 2021 Issue 53

6 MAY 2021
THE BRIEFING
CROW HOLDINGS PLANS 1.2 MILLION SQ. FT. INDUSTRIAL PARK AT EXIT 12
Carteret and surrounding areas.”
Crow Holdings has tapped Cushman & Wakefield’s Stan Danzig, Jules Nissim and Kim Bach to lease the space, which will bring new options to the vastly undersupplied New Jersey industrial market. It will also come to a submarket off Exit 12 of the Turnpike that has emerged over the past decade to attract Amazon and other corporate users.
Rahway Arch and its team have spent the past decade cleaning up the site, which was left contaminated by decades of manufacturing uses
in the area. The seller ultimately received full approvals from
New Jersey’s Department of Environmental Protection.
“The redevelopment of this site is good for the town as a tax ratable and because it brings more jobs,” said Rinaldo D’Argenio, Rahway Arch’s managing member. “Crow Holdings’ proven ability to deliver and close on
complicated transactions is further evidenced by its acquisition of the property.”
The project will follow Crow Holdings’ high-profile development of a 925,000-square-foot logistics property in Franklin Township, which it leased to LG Electronics USA before selling it last year for $164 million. The deal punctuated the Dallas-based firm’s entrance to the Northeast.
In Carteret, its buildings will feature 40-foot clear ceiling heights, with a combined 140 trailer parking spots, 174 dock doors and six drive-in ramps.
“Several years into the transformation of the industrial
real estate
industry,
developable
land has become
scarce in this
region, and a
parcel of this size
on the Turnpike
presents a very
compelling opportunity,” said Clark Machemer, senior managing director of Crow Holdings Industrial. “With access to a strong labor pool and Carteret’s pro-business climate, the strategic location of this property makes it an unmatched spot for 21st- century industrial development. We’re anticipating kicking off construction very soon, with the goal of delivering the first building in the first half of 2022.”
property boasts recently updated units and amenities such as fitness centers, a game room, a swimming pool and a resident lounge.
JLL announced the deal in late April, noting that the buyer “has immense opportunity to continue updating original units.” The firm also pointed to Hackensack’s connectivity, ongoing redevelopment in the city and the site’s proximity to retail, dining and cultural amenities.
“We are excited to be a part of a community that continues to expand, and to enhance and add value to a great asset,” said Raman Khosla, CEO and founder of Khosla Capital.
The brokerage team, while members of HFF at the time, also arranged the sale to Kushner in 2018.
“We are pleased with the excellent execution by our friends at JLL, and wish all the best to the buyers,” said Laurent Morali, president of Kushner Cos.
Crow Holdings Industrial has acquired 126 acres along the New Jersey Turnpike in Carteret, where it plans to develop a three-building, 1.2 million-square-foot industrial park.
The company is now eyeing a summer groundbreaking at the site, located north of Industrial Highway near the mouth of the Rahway River, after purchasing it from Rahway Arch Properties. The speculative project will deliver buildings ranging from 335,000 to 480,000 square feet, as the developer looks to tap into the still-soaring demand for logistics space.
Crow Holdings at Carteret will also bring new life to a long-dormant site that underwent an extensive environmental cleanup.
“Besides creating ratables, these industrial facilities will bring hundreds of union construction
jobs and hundreds of full-time permanent jobs to Carteret residents, all of which will benefit the borough more broadly,” Carteret Mayor Daniel J. Reiman said. “While this once-abandoned site has been underutilized for many years, it’s exciting to see it begin the next chapter in its story as an economic engine that serves the needs of
A rendering of a building at Crow Holdings at Carteret
KUSHNER COS. SELLS HACKENSACK RENTAL ASSET FOR $114 MILLION
LLC acquired the property for $114.45 million, in a deal that comes three years after Kushner purchased the buildings.
JLL’s Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, J.B. Bruno and Michael Kavanagh represented the seller.
“The infill location and upside in these assets
Clark Machemer
Kushner Cos. has sold a two-building, 360-unit apartment property in Hackensack for more than $114 million, under a newly announced transaction by JLL.
The complex, known as Prospect Place Apartments, is a collection of recently renovated one-, two- and three-bedroom apartments at 300 and 310 Prospect Ave. A joint venture of Khosla Capital LLC and DKJ Equity
Prospect Place Apartments at 300 and 310 Prospect Ave. in Hackensack
Morristown-based capital markets team. “Multi-housing demand is stronger than it was pre-COVID.”
Prospect Place Apartments includes an 18-story high-rise with 157 units and a four-story midrise building with 203 units. Built in 1995 and 2005, the
Jose Cruz
drove very strong interest from the investment community,” said Cruz, a senior managing director and co-head of JLL’s
Courtesy: JLL Courtesy: Crow Holdings Industrial