CT Realty will develop 1.7 million
PENNSVILLE, NJ and DALLAS, May 24, 2022 (GLOBE NEWSWIRE) — CT Realty, in a joint venture with PGIM Real Estate, the real estate investment and finance business of PGIM, the global asset management business of $1.5 trillion Prudential Financial (:PRU) has acquired 282 acres of industrial land for the development of Garden State Logistics Park, a 1.7 million square foot state-of-the-art logistics center in Pennsville, NJ. Development is already underway at the site, with delivery of the project scheduled for the third quarter of 2023.
“This is an exceptionally rare opportunity to assemble a critical mass of land and create a premier logistics project in the nation’s second largest industrial market,” said Rob Huthnance, who oversees development activities. of CT in the eastern United States. “This project is at the gateway to southern New Jersey and will serve as a distribution hub for the entire Northeast, capable of serving 66 million consumers in a single truck day.
The sale of the land was represented by Brian Fuimara at CBRE, although the terms of the transaction were not disclosed. CBRE will also represent properties for lease or sale through its offices in New Jersey and Philadelphia.
Garden State Logistics Park is located on the former Deepwater property next to the Delaware Memorial Bridge over I-295 in Pennsville, NJ, and minutes from I-95 and access to the entire regional network logistics transportation. The project will include two modernized distribution buildings measuring 1,200,507 square feet and 512,442 square feet, with 40-foot clear heights and dockside or front-loading building configurations.
The project has been approved for a New Jersey PILOT (payment in lieu of taxes) agreement in 2021, a tax incentive that drives development and employment, and lowers the cost of occupancy for new users. “In an ultra-tight industrial market marked by upward pressure on rents, the PILOT designation allows large tenants to realize significant savings,” added Huthnance. “The ability to deliver this tax benefit in brand new building designs with state of the art features makes a compelling case for this project. »
Garden State Logistics Park represents another strategic acquisition in CT Realty’s nationwide portfolio of 20 million square feet of Class A industrial buildings. CT will complete three buildings totaling 1.7 million square feet in Jacksonville, FL later this year, and just delivered two buildings in Mt. Comfort, IN, for just over 1 million square feet. The company also has 2 million square feet under development in Columbus, OH, which is part of a 5.5 million square foot logistics park and has another 1 million square feet under construction in Atlanta.
Since its inception in 1994, Newport Beach, Calif.-based CT Realty has completed over 300 transactions and has over $5 billion in its current development pipeline. CT is focused on acquiring and developing Class A industrial logistics properties across the United States, having acquired 2,400 acres of industrial land since 2010 that will support 32 million square feet of buildings when completed. CT has active developments in California, Dallas/Ft. Worth, Atlanta, Florida, Illinois, Indianapolis, Columbus, OH and New Jersey, and continues to expand into new markets nationwide. Visit their website.
About PGIM Immobilier
As one of the largest property managers in the world with $209.3 billion in gross assets under management and administration1, PGIM Real Estate strives to deliver exceptional results to investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.45 trillion global asset management business of Prudential Financial, Inc. (:PRU). PGIM Real Estate’s rigorous risk management, transparent execution and deep industry knowledge are backed by a 50-year legacy of commercial real estate investing, a 140-year history of real estate finance2, and the deep local expertise of professionals in 32 cities around the world. Through its approach to investing, financing, asset management and talent management, PGIM Real Estate engages in practices that generate positive environmental and social impact, while pursuing activities that strengthen communities at worldwide. For more information, visit pgimrealestate.com.
PGIM, the global asset management business of Prudential Financial, Inc. (:PRU), ranks among the top 10 global asset managers3 with over $1.45 trillion in assets under management as of December 31, 2020. With offices in 17 countries, PGIM’s business provides a range of investment solutions for retail and institutional investors worldwide across a wide range of asset classes, including government bonds income, private fixed income, fundamental equities, quantitative equities, real estate and alternatives. For more information about PGIM, visit pgim.com.
NOTE: Prudential Financial, Inc. (PFI) of the United States is in no way affiliated with Prudential plc, incorporated in the United Kingdom, or Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, visit news.prudential.com.
1 As of December 31, 2021. AUM reflected as gross. Net AUM is $137.9 billion and AAU is $45.9 billion.
2 Includes loans inherited through PGIM’s parent company, Prudential Financial, Inc.
3 PGIM is the investment management business of Prudential Financial, Inc. (PFI); PFI is the 10th largest investment manager (out of 477 companies surveyed) by global assets under management based on Pensions & Investments’ Top Fund Managers list published on May 31, 2021. This ranking represents assets under management by PFI as of December 31, 2020.
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Stacey Hershauer | 480-600-0195
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