Trammell Crow Company and CBRE Investment Management Announce Plans for 1M-SF Industrial Development in New Jersey
June 20, 2022
The JV Partners Acquired 74 Acres for Arsenal Trade Center in Sayreville
Trammell Crow Company, a global commercial real estate developer, and JV partner CBRE InvestmentManagement, on behalf of a fund it manages, announce plans for Arsenal Trade Center, a 1,077,776-square-foot industrial development in Sayreville, NJ. The 74-acre site, located at 50 South Minisink Road, is just four miles east of the NJ Turnpike in the heart of the Central New Jersey Industrial Market.Construction on the three-building project is slated to begin this summer, with completion scheduled for late 2023.
“Arsenal Trade Center represents a unique opportunity to deliver a world-class logistics park in one of the most sought-after markets in the United States. Projects of this scale, design quality and strategic location simply do not come along often,” said Andrew Mele, Managing Director of TCC’s Northeast Metro office.“We are pleased to partner with CBRE Investment Management on this venture and combine our teams’ deep expertise in industrial development. Not only will this project bring in-demand warehouse space to the area, but it will also bring with it many pre- and post-development employment opportunities.”
The project’s three buildings, all rear-loaded facilities, will span 284,341 square feet, 341,833 square feet and 451,602 square feet, respectively. Each building offers above standard car and trailer parking, 40’ clear heights, full site circulation, and multiple points of ingress and egress. The project’s proximity to major transportation arteries such as the New Jersey Turnpike and Garden State Parkway allows for efficient access throughout the NY/NJ Metro.
“This development represented a unique opportunity to meet a significant need for Class A logistics spaces in the Central and Northern New Jersey market,” saidMary Lang,Head of Americas Direct Logistics Strategies for CBRE Investment Management. “We believe that Trammell Crow is the ideal partner to help realize the vision for the Arsenal Trade Center as a critical hub in any modern logistics strategy and ensure that these assets are delivered in a high-quality, efficient manner that will both benefit our investors and capture continued user demand in one of the nation’s leading logistics corridors.”
The Arsenal Trade Center is being designed by KSS Architects, and RC Anderson is acting as the general contractor. The development team is seeking LEED Silver designation. QuadReal provided construction financing for the project. Ben Shapiro of CBRE represented the seller, Hercules LLC, an affiliate of Ashland LLC, as agent in the marketing and sale of the property.
“This was truly a team effort between buyer and seller along with the Borough of Sayreville and the Sayreville Economic and Redevelopment Agency (SERA), its redevelopment agency, to redevelop an underutilized property. All involved are looking forward to the transformation of this site,” said Shapiro.
The Arsenal Trade Center is centrally located in New Jersey, within a 30-minute drive of two million people, an hour’s drive of New York City and a day’s drive of more than one-third of the U.S. population. The location affords tenants easy access to the NJ Turnpike (I-95) via Route 18.According to CBRE Investment Management’s research, this submarket has a logistics space availability rate of 2.4%as of first quarter 2022, which is near historic lows for the area.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $146.8 billion in assets under management* as of March 31, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive. CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com. *Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2023, TCC had $15.4 billion of projects in process and $14.5 billion in its pipeline. It employs 650 professionals in 28 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.