Trammell Crow, CBRE IM announce 1msf industrial development in New Jersey
Trammell Crow Firm (TCC) and its joint venture partner CBRE Investment Management announced plans for Arsenal Trade Center, a 1,077,776-square-foot industrial development in Sayreville, NJ.
The joint venture partners acquired 74 acres for the development in Sayreville.
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,” said Mary 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.
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.