Millstone 8 Logistics Center Announces Development of 1.2-Million-Square-Foot Industrial Complex in New Jersey
Two-Building Logistics Property Anchored by 1-Million-Square-Foot, State-of-the-Art Building;
Millstone 8 Logistics Center Construction and Leasing Began in 2Q 2021
MILLSTONE, N.J. (July 19, 2021) – The Millstone 8 Logistics Center development partnership, led by Crow Holdings Industrial, announced today that it has begun construction on two state-of-the-art logistics buildings, comprising of 1 million square feet and 220,000 square feet respectively, at 505 Route 33 in Millstone, New Jersey. Crow Holdings Industrial with its partners The Carlyle Group and 2020 Acquisitions completed the acquisition of the development’s 140-acre parcel of land in May.
The Millstone 8 Logistics Center will be located on Route 33, and benefits from the modernized Exit 8 interchange on the New Jersey Turnpike, which is unencumbered by traffic and provides efficient access to both Metropolitan New York/Tri-State region and greater Philadelphia/Southern New Jersey.
“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. 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,” said Clark Machemer, Senior Managing Director at Crow Holdings Industrial.
The two industrial buildings will be Class-A modern logistics facilities featuring best-in-class site amenity ratios, full circulation, and the ability for tenants to have independent security. The larger of the two buildings will feature a 40’ clear height, 274 dedicated trailer parking stalls and 172 loading doors. The 220,000-square-foot building will have a 36’ clear height, 37 dedicated trailer parking stalls, and 50 loading doors in a cross-dock configuration.
Construction is anticipated to be completed in early 2Q 2022 and leasing is being handled by Rob Kossar, Joel Lubin, Nate Demetsky, and Leslie Lanne in the JLL East Rutherford office.
“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.”
“Carlyle has been actively investing in the logistics space for years where we continue to see strong industry tailwinds,” said Michael Gershenson, Managing Director, The Carlyle Group. “We look forward to partnering with Crow Holdings and 2020 Acquisitions in developing this world-class facility where we see significant value creation potential.”
The development partnership acquired the property in April 2021, after obtaining the purchase rights from Seth Gerszberg of Active Acquisitions, the initial developer on the project.
For Crow Holdings Industrial, today’s announcement comes roughly a year after the $164-million sale of 50 Veronica Avenue, a newly built 925,000-square-foot property in Franklin Township, N.J. Over the past three years, Crow Holdings has amassed a development pipeline of eight million square feet of industrial projects in New Jersey and Pennsylvania.
About Crow Holdings Industrial
Crow Holdings Industrial (CHI) is a leading U.S. industrial developer, having built more than 30 million square feet of distribution, fulfillment and last mile properties in key logistics markets since 2013. CHI is part of Crow Holdings, a privately-owned real estate investment and development firm with a 70-year history, $20 billion in assets under management, and a strong track record of performance, partnership and innovation. For more information, please visit www.crowholdings.com/chi.
Carlyle (NASDAQ:CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Investment Solutions. With $260 billion of assets under management as of March 31, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
About 2020 Acquisitions
2020 Acquisitions is a national real estate development firm with projects including Class A warehousing, media studio campus, private golf courses, gas stations and residential development. 2020 is currently developing over 10,000,000 square feet of class A warehousing. The company is led by Efrem Gerszberg, its founder and CEO.