EAST GREENWICH, N.J. — CRG, the real estate development and investment arm of Clayco, has sold two speculative industrial facilities located in East Greenwich for $107.7 million.
The portfolio includes The Cubes at Huff Lane, a 283,040-square-foot building, and The Cubes at Harmony Road, a 252,750-square-foot building, both located in the East Greenwich Logistics Center about 20 miles southwest of Philadelphia.
The buyer was Carson, Calif.-based Watson Land Co. JLL both brokered the sale and the leasing process for both fully occupied facilities. John Plower, Ryan Cottone, Zach Maguire, Paul Torosian, Dean Torosian and Nate Demetsky of JLL represented the seller in the transaction.
CRG developed both buildings in a joint venture partnership with Pacific Coast Capital Partners LLC, completing them in September 2020. Lamar Johnson Collaborative designed the facilities, which feature 36-foot clear heights and early suppression fast response fire sprinkler systems.
The Cubes at Huff Lane features 43 loading doors, 187 parking spaces and 60 trailer stalls, while The Cubes at Harmony Road — which is leased to a global e-commerce fulfillment company — includes 38 loading doors, 208 parking spaces and 79 trailer stalls.
CRG develops its industrial buildings under The Cubes brand, which prioritizes core national markets with access to major population centers and strong local workforces in key logistics corridors. Since 2018, the firm has broken ground on approximately 18 million square feet of projects across the country.
“This is the strongest industrial market of our lifetimes and today’s users require best-in-class, next-generation facilities to keep pace with that demand,” says Shawn Clark, president of CRG. “That’s the standard we put into each of The Cubes, including these two in East Greenwich.”
Watson Land Co. is a developer, owner and manager of industrial properties throughout Southern California and the East Coast. The company’s portfolio includes 117 properties spanning 22,832,894 square feet.
—Katie Sloan