LG Electronics Inks 925K SF Industrial Lease in Franklin Township

Dallas-based Crow Holdings Industrial reports that in addition to this property, the firm currently has a five-million-square-foot development pipeline less than 18 months after commencing regional operations.

LG Electronics will begin occupancy at the 925,000-square-foot building that is currently under construction in the first quarter of 2020.

FRANKLIN TOWNSHIP, NJ—LG Electronics USA has signed a 925,000-square-foot lease to occupy the entire building currently being constructed by Crow Holdings Industrial.

The Crow Holdings at Veronica Avenue property here is owned by Crow Holdings in partnership with funds affiliated with the Carlyle Group. LG Electronics will take occupancy of its new space in the first quarter of 2020.

After beginning New Jersey operations in mid-2018 with the hire of industry veteran Clark Machemer, the company acquired the Veronica Avenue property with The Carlyle Group in the first quarter of 2019 from Efrem Gerszberg of 2020 Acquisitions, and put shovel to ground on the speculative development in the second quarter of this year.

Dallas-based Crow Holdings Industrial reports that in addition to this property, the firm currently has a five-million-square-foot development pipeline less than 18 months after commencing regional operations.

Crow Holdings Industrial was represented by Cushman & Wakefield vice chairman Stan Danzig and associate Kimberly Bach, while LG was represented by Cushman & Wakefield executive managing director James Frank and vice chairman Jules J. Nissim.

Carlyle’s equity for its investment in the Franklin Township development came from the Carlyle Realty Partners VIII fund. Financial terms of the transaction were not disclosed.

“With the rapid growth of e-commerce and the overall strength of the economy, demand for industrial space is at record levels, and there are very few spec buildings of this size being built in Central Jersey,” says Crow Holdings’ Machemer. “While we were in contact with a number of interested tenants, LG was drawn to the building’s large footprint and Crow Holding Industrial’s status as a premier developer. We’re proud to help bring such a well-regarded tenant to Franklin Township, and we look forward to replicating this strategy at our other Northeast developments in the years ahead.”

The Veronica Avenue property features include large translucent windows, 40-foot clear heights that include 170 trailer parking spots, 159 dock positions, four drive-in ramps and doors and 394 car spaces.

Headquartered in Englewood Cliffs, LG Electronics USA is the North American subsidiary of LG Electronics, a global technology leader in consumer electronics, home appliances and mobile communications.