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| Garden State Logistics Park, a planned 1.7 million-square-foot, state-of-the-art center in Pennsville, NJ. |
Pennsville, NJ and Dallas, TX –– 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.
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| Rob Huthnance |
“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."
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| Brian Fuimara |
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.
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.
CONTACTS:
Stacey Hershauer | 480-600-0195
Randy Hall | 714-263-8723
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