CT Realty in joint venture with PGIM Real Estate 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, N.J.
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 United States. “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 CBRE, though the terms of the transaction are undisclosed. CBRE will also represent the buildings for lease or sale through its New Jersey and P
