Trammell Crow JV Plans 1.1 MSF Industrial Development
Trammell Crow Co. and its joint venture partner CBRE Investment Managementon behalf of a fund he manages, acquired 74 acres in Sayreville, NJ, from Hercules LLCaffiliate Ashland LLC, and plans to build Arsenal Trade Center, a 1.1 million square foot industrial development. The selling price has not been disclosed.
Construction is expected to begin this summer and be complete by the end of 2023. The project, located 4 miles east of the New Jersey Turnpike, will consist of three buildings, all rear-loaded. The buildings will have 284,341 square feet, 341,833 square feet and 451,602 square feet of space. Each building will feature above-standard car and trailer parking, 40-foot overhead clearances, full site circulation, and multiple entry and exit points.
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Located at 50 South Minisink Road, the project is close to major highways in the area, including the New Jersey Turnpike and Garden State Parkway, providing efficient access to the entire New York/New Jersey metropolitan area. The site is within a 30-minute drive of 2 million residents, an hour’s drive from New York City and a day’s drive from more than a third of the US population.
The submarket has a logistics space availability rate of 2.4% in the first quarter of 2022, which is near historic lows for the region, according to research by CBRE Investment Management. Andrew Mele, managing director of TCC’s Northeast Metro office, and Mary Lang, head of direct logistics strategies for the Americas for CBRE Investment Management, said in a prepared statement that the development presents an opportunity to meet a significant need for space. Class A Logistics in Central and Northern New Jersey Market.
QuadReal provided the financing for the construction of the Arsenal shopping centre. Ben Shapiro from CBRE represented the seller as agent in the marketing and sale of the property. KSS Architects designs the project and RC Anderson is the general contractor. The development team is seeking LEED Silver certification.
Shapiro said in a prepared statement that the sale of the land and the planned project represent a team effort between the buyer and the seller as well as the borough of Sayreville and the Sayreville Economic and Redevelopment Agency to redevelop a property. underutilized.
Other logistics offers
Also this month, TCC and CBRE Investment Management, on behalf of one of its funds, sold the Butterfield 5 technology park in Morgan Hill, California to Invesco Real Estate for an undisclosed amount. The five-building, 410,100-square-foot Class A industrial park was completed earlier this year and can accommodate industrial, manufacturing and life science tenants. Located in Silicon Valley, the site is in southern Santa Clara County on a 24-acre parcel west of the 101 Freeway and near the central business district of Morgan Hill.
In March, TCC began construction on its first industrial development in Idaho, where it plans to build three rear-loading buildings on the 25-acre site in Nampa, Idaho. The project is expected to be delivered by the fourth quarter and total 362,000 square feet of space. A month earlier, TCC had partnered with Clarion Partners to start the final 308,484 square foot phase of a nearly one million square foot industrial park in Austin, Texas. Construction is expected to be completed later this year.