Crow Holdings Development is set to break ground on Golden Triangle Logistics Center at 350 Silverlake-Scotchtown Road in Wallkill, New York, where plans call for nearly 835,000 square feet of logistics space across two buildings. — Rendering courtesy: JLL
By Joshua Burd
Vision Real Estate Partners has sold a 92-acre industrial development site in New York’s Orange County, some 20 miles from the Bergen County border, in a deal arranged by JLL.
The buyer, Crow Holdings Development, is now set to break ground on the first phase of the project at 350 Silverlake-Scotchtown Road in Wallkill, where local officials have approved nearly 835,000 square feet of logistics space across two buildings. The first will comprise a 535,603-square-foot facility with 36-foot clear ceiling heights, 88 dock doors, storage for 83 trailers and 422 car parking spaces.
JLL Northeast Industrial Vice Chairman Rob Kossar and Executive Managing Director James Panczykowski brokered the sale with senior managing directors Jon Mikula and Jim Cadranell of the firm’s capital markets team. Terms were not disclosed.
Kossar and Panczykowski also lead the leasing team at what’s known as Golden Triangle Logistics Center.
“Seeing the site developed, contributing to the town’s tax base, creating jobs and meeting demand for Class A logistics space has been a long-term goal for us,” said Ryan Fraser, senior vice president for investments with Mountain Lakes-based Vision Real Estate Partners. “JLL has been a terrific partner in navigating the current economic landscape and finding a buyer who shares our vision for the site.”
Vision Real Estate Partners became a joint venture partner on the long-vacant site in 2018 after earlier plans to build a mixed-use retail property there were scrapped, according to JLL. Officials in Wallkill approved a rezoning to suit industrial development as part of a strategy that has attracted real estate investment to Orange County in recent years.
The second phase is approved for 299,200 square feet and a facility that could include 38 dock doors, 34 trailer storage sites and parking for 199 cars, JLL said.
“This sale presented Crow Holdings Development with a rare opportunity to own a development site of scale in a space-constrained region with an outstanding regional and local logistics profile,” Panczykowski said. “We are excited to work with them as they move forward with a development plan that suits their strategic business goals.”
In announcing the deal, the brokers and developers noted that Orange County is just 60 miles north of New York City and is crisscrossed by three interstate highways. The Golden Triangle Logistics Center will allow tenants to access 50 million consumers within a day’s drive and connectivity to the Northeast’s interstate network, strong labor pool and the ability to service the Boston-to-Baltimore corridor while also offering last-mile access to the New York City metro area.
“Crow Holdings Development has a long, proud history of industrial development, and we’re excited to contribute to the continued economic growth and vitality of the area,” said Brad Vander Vliet, vice president of CHD Northeast division. “We look forward to partnering with stakeholders in the area to deliver sought-after industrial space in this key market.”
