June 17, 2020
Crow Holdings Industrial (CHI) has sold 50 Veronica Ave., a 925,000-square-foot, fully occupied warehouse in Franklin Township, NJ, to BentallGreenOak, on behalf of an institutional investor, for $164 million. The newly-built property was developed in partnership with The Carlyle Group and is fully leased to LG Electronics USA, which commenced its seven-year tenancy in April 2020.
“While the pandemic has brought most investment activity to a standstill, there is still tremendous demand for state-of the-art logistics properties,” said Clark Machemer, senior managing director of CHI’s Northeast region. “Further, having LG in place as a long-term tenant made this a particularly desirable asset.”
Cushman & Wakefield’s East Rutherford-based capital markets team of Gary Gabriel, Andrew Merin and Kyle Schmidt represented CHI in the transaction.
“With strong pricing, this transaction evidences that best-in-market industrial real estate remains liquid, despite the economic and health stories in the press,” said Gabriel.
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