Two-building project slated for Fall 2023 completion, continues CT Realty’s logistics development activity on the East Coast and Nationwide
Garden State Logistics Center Rendering - CT Realty
PENNSVILLE, N.J. and DALLAS , May 24, 2022 (GLOBE NEWSWIRE) -- CT Realty, in joint venture with PGIM Real Estate, the real estate investment and financing business of PGIM, the $1.5 trillion global asset management business of Prudential Financial (NYSE: 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 on the site, with delivery of the project slated for the third quarter of 2023.
“This is an exceptionally rare opportunity to assemble a critical mass of land and create a top-flight logistics project in the second largest industrial market in the country,” said Rob Huthnance, who oversees CT’s development activity in the Eastern U.S. “This project is at the gateway to Southern New Jersey and will serve as a distribution hub for the entire Northeast, able to serve 66 million consumers in a single day’s truck drive.”
The land sale was represented by Brian Fuimara at CBRE, though the terms of the transaction are undisclosed. CBRE will also represent the buildings for lease or sale through its New Jersey and Philadelphia offices.
Garden State Logistics Park is located at the former Deepwater property next to the Delaware Memorial Bridge at I-295 in Pennsville, NJ, and is minutes from I-95 and access to the entire regional logistics transportation network. 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 either cross-dock or front-loaded building configurations.
The project was approved for a New Jersey PILOT agreement (payment-in-lieu-of-taxes) in 2021, a tax incentive that spurs development and employment, and one that reduces the occupancy cost for new users. “In an ultra-tight industrial market marked by upward pressure on rents, the PILOT designation produces a meaningful cost savings for large tenants,” added Huthnance. “The ability to deliver this tax benefit in brand new building designs with cutting-edge functionality presents a compelling case for this project.”
Garden State Logistics Park represents yet another strategic acquisition in CT Realty’s national 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, part of a 5.5 million-square-foot logistics park and has another 1 million square feet under construction in Atlanta.
Since its establishment in 1994, Newport Beach, Calif.-based CT Realty has completed over 300 transactions and has more than $5 billion in its current development pipeline. CT is focused on the acquisition and development of Class A industrial logistics properties throughout the U.S., having acquired 2,400 acres of industrial land since 2010 that will support 32 million square feet of buildings upon completion. 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 Real Estate
As one of the largest real estate managers in the world with $209.3 billion in gross assets under management and administration1, PGIM Real Estate strives to deliver exceptional outcomes for 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. (NYSE: PRU). PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing2, and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world3 with more than $1.45 trillion in assets under management as of Dec. 31, 2020. With offices in 17 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.
NOTE: Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.
1 As of Dec. 31, 2021. AUM reflected as gross. Net AUM is $137.9 billion and AUA is $45.9 billion.
2 Includes legacy lending 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 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on May 31, 2021. This ranking represents global assets under management by PFI as of Dec. 31, 2020.
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