Page 6 - RE-NJ

Courtesy: Crow Holdings Development
File photo
4 APRIL 2025
THE
BRIEFING
CROW HOLDINGS, LOGISTICS PLUS
INK 1 MILLION SQ. FT. DEAL AT EXIT 8
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
fi rms.
According to the developer, the
transaction at 505 Route 33 marks a
regional expansion 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
fi rm and head of its Northeast team.
Millstone 8 Logistics Center at 505 Route 33 in Millstone
THOR ACQUIRES BRIDGEWATER
INDUSTRIAL PARK FOR $111 MILLION
Thor Equities has made a major
addition to its New Jersey industrial
holdings, acquiring a portfolio of
more than 580,000 square feet in
Bridgewater for $111 million.
Known as Middlebrook Crossroads,
the 18-building complex occupies
Middlebrook Crossroads on Chimney Rock Road in Bridgewater
“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
Clark Machemer
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 proximity
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.
38.6 acres on Chimney Rock Road
between Route 22 and Interstate
287. That has made it an attractive
location for UPS, Lexus and other
longtime tenants, as well as a target
for investors in recent years.
Thor’s acquisition comes just
under three years after a group
led by Lovett Industrial purchased
the 580,227-square-foot complex.
Cushman & Wakefi eld brokered that
transaction and was also the listing
team in the most recent sale of the
portfolio, with the fi rm’s Gary Gabriel,
Kyle Schmidt, Ryan Larkin, Seth
Zuidema and Bill Baunach leading the
assignment.
A representative for Thor, which
is based in Manhattan, declined
to comment. The company’s other
industrial holdings in New Jersey
include a 111,500-square-foot facility
at 556-600 Progress St. in Elizabeth, a
330,000-square-foot warehouse at 153
Linden St. in Passaic and others.
The fi rm 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
Rob Kossar
Holdings and
2020 Acquisitions to meet tenant
demands.”
Logistics Plus, a global fi rm focusing
on transportation, warehousing,
fulfi llment, 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, ecommerce
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 fi rm 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.