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Watson Land Co. Acquires Two Philly-Area Spec Warehouses
CRG, the real estate development and investment arm of Chicago-based Clayco, has sold two speculative industrial facilities in East Greenwich, NJ, for $107.74 million. The buyer of the Philadelphia-area facilities was Carson, CA-based Watson Land Company.
Totaling 535,790 square feet, the facilities are both located in the East Greenwich Logistics Center. The sale was brokered by JLL’s John Plower, Ryan Cottone, Zach Maguire, Paul Torosian, Dean Torosian and Nate Demetsky.
“Each of these buildings was a major success for our clients and capital partners,” said Frank Petkunas, SVP, partner and Northeast industrial leader for CRG. “The facilities’ last-mile accessibility to Philadelphia and major freeways gave us a strategic position in the market.”
Plower said, “We saw a tremendous amount of investor interest in this offering due to the high quality of construction, infill location and the in-place cash flow that both leases provide.”
- ◦Sale/Acquisition
