Real Estate Group Represents Crow Holdings Industrial in $164 Million Sale of Warehouse
Riker Danzig was pleased to represent Crow Holdings Industrial in its sale of a 925,000 sq. ft. distribution center in Franklin Township, NJ for $164 million. Riker Danzig partner Nicholas Racioppi, Jr., head of Riker Danzig’s Real Estate Practice Group, worked closely with Crow Holdings throughout the entire process of purchasing the property in early 2019, which included assisting with all due diligence involved in the purchase, negotiating the lease of the property to LG Electronics, and culminating with the sale of the property to BentallGreenOak on June 16, 2020.
The state-of-the-art warehousing property provides desirable features such as large translucent windows and LED lights, creating an open and bright working environment. It boasts 40-foot clear ceiling heights and includes 170 trailer parking spots, 159 dock positions, and four drive-in ramps and doors.
Nick said, “It has been a pleasure working with Clark Machemer on this deal, from its inception through a successful completion with obstacles no one could have expected because of the Coronavirus pandemic.” He added, “Logistical properties are still in great demand in New Jersey, notwithstanding the pandemic. We are seeing a lot of activity among our clients in the industrial real estate space.”
Working with Nick were partners Joshua M. Greenfield (with respect to the acquisition of the property) and James M. Maggio, Jr. (with respect to the recent sale to BentallGreenOak), and Of Counsel Cathleen H. Giuliana (with respect to the lease negotiations with LG).
See the Real Estate New Jersey story at RENJ. Law.com featured the story in its June 18th Mid-Market Report article, “Who Got the Work: LA Landlords and Real Estate Sales.”