Crow Holdings Industrial completes $164m sale

Crow Holdings Industrial (CHI) has sold 50 Veronica Ave. — a 925,000-square-foot, fully occupied warehouse in Franklin Township, N.J. — to BentallGreenOak, on behalf of an institutional investor, for $164 million.

The newly built property was developed in partnership with The Carlyle Group and is fully leased to LG Electronics USA, which commenced its seven-year tenancy in April 2020.

Cushman & Wakefield’s East Rutherford, N.J.–based capital markets team of vice chairman Gary Gabriel, executive vice chairman Andrew Merin and managing director Kyle Schmidt represented CHI in the transaction.

“With strong pricing, this transaction evidences that best-in-market industrial real estate remains liquid, despite the economic and health stories in the press,” said Gabriel.

Clark Machemer, senior managing director of CHI’s Northeast region, stated, “While the pandemic has brought most investment activity to a standstill, there is still tremend