Page 6 - RENJ Aug2021

4 AUGUST 2021
THE BRIEFING
CROW STARTS CONSTRUCTION AT 1.2 MILLION SQ. FT. LOGISTICS PARK
Clark Machemer, a senior managing director at Crow Holdings Industrial. “The improvements made to the Exit 8 interchange
associated with the widening of the New Jersey Turnpike have made access
to the property
extremely
efficient for
industrial
operations. Overall, this property
will be a very attractive location for tenants seeking cutting-edge industrial space across the region.”
The developer said the team completed its acquisition of the 140- acre parcel this past spring, paving the way for two industrial buildings with favorable site amenity ratios,
full circulation and the ability for tenants to have independent security. The larger of the two buildings will have a 40-foot clear ceiling height, 274 dedicated trailer parking stalls and 172 loading doors, CHI said, while the 220,000-square-foot building will have a 36-foot clear height, 37 dedicated trailer parking stalls and 50 loading doors in a cross-dock configuration.
JLL’s Rob Kossar, Joel Lubin, Nate Demetsky and Leslie Lanne of the firm’s East Rutherford office will lead the project’s leasing team.
and founder of The Birch Group. “Several large, notable companies have recently
relocated to
or expanded
in this market,
including
leaders in the
pharmaceutical,
life science
and financial
industries,
and we’re confident this property will attract additional high-caliber organizations seeking to tap into the local talent and establish long-term roots in the region.”
The larger building, 600 Alexander Drive, spans 141,176 square feet and is fully leased to Mathematica, a 50-year old policy research firm with eight offices across the country. Located
on a separate parcel, 700 Alexander Drive offers 71,934 rentable square feet and is 70 percent leased to tenants such as Robert Half International and Buchanan Ingersoll and Rooney.
JLL’s Kevin O’Hearn and Jose Cruz represented both parties, while Greg
“This is an extraordinary opportunity for logistics tenants to secure state- of-the-art space with unparalleled transportation access in the center of New Jersey,” said Kossar, a vice chairman with JLL. “Given the acceleration of absorption over
the last 24 months, the project will provide a temporary relief valve for inventory constraints while affording tenants separation from increasing traffic congestion and labor competition at Exit 8A.”
The joint venture took over the property after obtaining the purchase rights from Seth Gerszberg of Active Acquisitions, the initial developer
on the project, CHI said. It will look to tap into a relatively undeveloped submarket along the Turnpike that provides efficient access to both
the New York and Philadelphia metropolitan areas.
“New Jersey remains one of the strongest industrial markets in
the country, and developable land
in proximity to the Turnpike has become increasingly hard to find,” said Efrem Gerszberg, CEO of 2020 Acquisitions. “With the e-commerce evolution, there is growing demand for distribution facilities with entitlements in hand, and we look forward to realizing our vision for the property in the near future.”
Nalbandian of the firm’s debt and equity team secured financing. The Birch Group has also retained JLL as its leasing agent for the properties, tapping a team led by Thomas Romano.
“Alexander Park is one of the highest- quality assets within the Princeton submarket, a region known for its historically high occupancy rates and convenient access to major retail corridors, commercial centers and mass transit options,” said O’Hearn,
a senior managing director with JLL’s capital markets team. “When you factor in The Birch Group’s track record of successfully implementing capital improvement strategies that create enduring value for its tenants and investors alike, we’re confident this property will be extremely well- positioned to attract a wide range of companies seeking a quality office space in a prime location.”
Birch now plans to make value- add renovations at the buildings
to complement BentallGreenOak’s recently completed upgrades at 600 Alexander Drive.
A development group has started construction at the site of a planned two-building, 1.22 million-square-foot industrial campus near Exit 8 of the New Jersey Turnpike.
Crow Holdings Industrial, which has partnered with The Carlyle Group and 2020 Acquisitions, said the project at 505 Route 33 in Millstone is slated for delivery in early spring 2022. When complete, the Millstone 8 Logistics
Center will include modern buildings of 1 million and 220,000 square
feet, boasting a location some 15 minutes from the recently upgraded interchange.
“Millstone 8 Logistics Center will
meet a rapidly accelerating demand for modern logistics facilities in the Northeast, providing one of just a few options for tenants seeking occupancy of a million-square-foot building,” said
Clark Machemer
Crow Holdings Industrial has started construction on Millstone 8 Logistics Center, a planned two- building, 1.22 million-square-foot industrial campus at 505 Route 33 in Millstone that is slated for delivery in early spring 2022.
BIRCH GROUP BUYS PRINCETON OFFICE BUILDINGS FOR $47 MILLION
An investment firm has added to its collection of high-end suburban office buildings in New Jersey, acquiring
a two-building, 213,000-square-foot portfolio in the Princeton submarket.
The Birch Group, which is based in Nanuet, New York, announced its purchase of 600 and 700 Alexander Park in West Windsor as part of a joint venture with local investors including 2020 Vision Group. BentallGreenOak sold the properties for a combined $47.3 million, with JLL serving as its
broker in the transaction.
“As we consider new markets to expand The Birch Group’s portfolio of high-performing Class A assets, Princeton was a key regional
target that continues to experience heightened demand due to its location, access to top local talent, and storied history as one of the most prestigious and sought-after areas
in the state, largely driven by the appeal of and proximity to Princeton University,” said Mark Meisner, CEO
Mark Meisner
The Birch Group has acquired 600 and 700 Alexander Park in West Windsor for $47.3 million.
Courtesy: The Birch Group Courtesy: Crow Holdings Industrial