CRG Sells Two Industrial Assets for Nearly $108M

Located in East Greenwich, NJ, the new, fully-leased warehouses total 535,790 square feet and were purchased by Watson Land Co.

EAST GREENWICH, NJ – Clayco’s real estate development and investment arm, CRG has sold two new industrial facilities in East Greenwich, NJ to California-based, Watson Land Co. for $107.7 million.

The two fully-leased warehouses comprise The Cubes at Huff Lane and The Cubes at Harmony Road. The assets total a combined 535,790 square feet and are situated in the East Greenwich Logistics Center.

Located at 100 Huff Lane, The Cubes at Huff Lane encompasses 283,040 square feet of space. The property features 36-foot clear heights, 43 loading doors, 187 parking spaces, 60 trailer stalls and ESFR sprinkler systems.

Situated at 191 Harmony Rd, The Cubes at Harmony Road comprises 252,750 square feet of space and offers 36-foot clear heights, 38 loading doors, 208 parking spaces, 79 trailer stalls and ESFR sprinkler systems. The Cubes at Harmony Road and is fully-leased to a global e-commerce fulfillment company.

Completed in September 2020, the two warehouses were developed in partnership between CRG and Pacific Coast Capital Partners LLC. The facilities were designed by CRG’s integrated partner, Lamar Johnson Collaborative.

Located 20 miles southwest of Philadelphia, East Greenwich Logistics Center is situated near Interstate-295 and the New Jersey Turnpike.

“Each of these buildings was a major success for our clients and capital partners,” states Frank Petkunas, SVP, partner and Northeast industrial leader for CRG. “The facilities’ last-mile accessibility to Philadelphia and major freeways gave us a strategic position in the market. As major e-commerce users and logistics users continue to prioritize the Southern New Jersey industrial markets, CRG will continue to establish its footprint here to meet those needs.”

Brokering the sale on behalf of the sellers was the JLL capital markets team led by senior managing director John Plower, director Ryan Cottone, analyst Zach Maguire, vice chairman Paul Torosian, managing director Dean Torosian and executive managing director Nate Demetsky.

“We saw a tremendous amount of investor interest in this offering due to the high quality of construction, infill location and the in-place cash flow that both leases provide,” says JLL’s Plower. “Southern New Jersey is a great distribution location, as it provides easy access locally and regionally along I-295 and the New Jersey Turnpike and is just across the river from Philadelphia’s massive population center.”

CRG develops its industrial buildings, primarily within core national markets, under The Cubes brand. The firm has broken ground on 18 million square feet of The Cubes projects, nationally, since 2018.

“This is the strongest industrial market of our lifetimes and today’s users require best-in-class, next generation facilities to keep pace with that demand,” says Shawn Clark, CRG president. “That’s the standard we put into each of The Cubes, including these two in East Greenwich. We bring these buildings to life with the most vertically integrated development and investment platform in the country, and each successful sale helps us prove that.”