National Developer Crow Holdings Industrial Breaks Ground on First Project in New Jersey
In 2018, Crow Holdings Industrial hired Clark Machemer as a senior managing director to expand the firm’s national platform in the Northeast. The Northeast team has a pipeline of approximately 5 million square feet of industrial space.
FRANKLIN TOWNSHIP, NJ—Dallas-based development firm Crow Holdings Industrial commenced construction on Tuesday on a new 925,000-square-foot industrial project here.
The development at Veronica Ave. is the first project for the firm in the state of New Jersey that along with Trammell Crow Residential are the development companies of Crow Holdings, a 70-year-old privately-held firm that owns and manages more than $18 billion in real estate assets.
Crow Holdings has developed more than 15 million square feet of industrial space and more than 30,000 residential units over the past seven years.
Crow Holdings Industrial acquired the property from 2020 Acquisitions in January of this year. Crow Holdings Industrial has retained the Cushman & Wakefield team of vice chairman Stan Danzig, vice chairman Jules J. Nissim and associate Kimberly Bach to serve as exclusive leasing agent for the project.
Crow Holdings states that its project at Veronica Ave will fill the market’s growing need for class-A industrial space. The building will have 40-foot clear heights and will include 170 trailer parking spots, 159 dock positions, four drive-in ramps and doors, and 394 car spaces.
The building will also feature include large translucent windows that allow natural light, LED lights that create an open and bright working environment, murals that infuse the property with a sense of vibrancy, access points for food trucks, and on-site walking trails.
In 2018, Crow Holdings Industrial hired Clark Machemer as a senior managing director to expand the firm’s national platform in the Northeast. The Northeast team has a pipeline of approximately 5 million square feet of industrial space.
“Clark is one of the savviest and most well-connected professionals in New Jersey real estate and his ability to take this deal from land acquisition through design to construction in just 12 months is a testament to his great skill and market knowledge,” says Ken Valach, CEO of Crow Holdings Industrial and Trammell Crow Residential. “The Central New Jersey industrial market has incredible demand, but there is a scarcity of developable land in attractive locations. Crow Holdings at Veronica Ave will be a significant addition to the submarket and is expected to meet with strong demand from e-commerce, logistics, and other industrial occupiers.”
“In today’s industrial market, a successful development must go beyond checking boxes, and should include desirable amenities that serve as tools for tenants to attract and retain labor,” Machemer adds. “Having just launched the Northeast strategy for Crow Holdings Industrial last year, we’re very excited to kick off our development activity with such a state-of-the-art project, with facilities and amenities that will rival any in the region and provide essential access to mass transit. We are very excited to add much-needed supply in one of New Jersey’s most active industrial distribution submarkets.”