Electronics giant occupying Class-A logistics center at 159 Milford Road, developed by Trammell Crow Company and owned by Deutsche Asset Management.
CBRE announced today that it has arranged a lease with LG Electronics – the multinational electronics company– to fully occupy 159 Milford Road, the 410,000-square-foot Class-A distribution facility in East Windsor, New Jersey owned by Deutsche Asset Management and developed by Trammell Crow Company.
The state-of-the-art facility at 159 Milford Road sits on nearly 28 acres and features a number of sought-after industrial features, including a 40-foot clear height; 62 manually-operated rear dock doors and two drive-in doors; a 130-foot deep truck court; 355 car spaces; and 74 trailer spaces. The building also offers robust power and LED lighting capabilities, as well as an ESFR fire protection system.
"LG Electronics' decision to occupy the entire building marks an important milestone in our investment strategy for the development of 159 Milford Road," said Todd Henderson, Head of Real Estate, Americas at Deutsche Asset Management. "Bringing this high-caliber credit tenant to this project is a significant win not only for our investors, but also for the Township of East Windsor. This achievement would not be possible without the support of the Township and our development manager Trammell Crow Company."
“We welcome LG Electronics to the project and are thrilled they have selected 159 Milford Road for their expanded operations in New Jersey” said Andrew Mele, Managing Director of Trammell Crow Company’s Northeast Metro Business Unit. “We are extremely pleased to have delivered a world-class industrial project on behalf of Deutsche Asset Management in one of the most important distribution corridors in the U.S.”
The CBRE brokerage team of Mindy Lissner, William Waxman, Steven Beyda, Dan McGovern, Robert Pine, Kevin Dudley and David Gheriani exclusively represented Deutsche Asset Management in the transaction. LG Electronics was represented by the JLL brokerage team of Melissa Holland and Brian Golden, which commenced operations in the building on November 1, 2017.
“LG Electronics’ selection of this first-rate logistics center underscores Central New Jersey’s strategic value as a distribution crossroads for the nation,” said Ms. Lissner of CBRE. “The company now has the rare opportunity to occupy a brand-new logistics center located immediately off of the Turnpike at a time when demand in the state’s industrial sector – and especially in the Turnpike corridor – outpaces supply.”
159 Milford Road sits directly off of Exit 8 of the New Jersey Turnpike, where the Turnpike Authority completed a new interchange as part of its roadway widening and improvement project. The distribution facility benefits from the new thoroughfare, also created as part of the improvements, that eases vehicle access from the Turnpike to Route 133.
About Deutsche Asset Management
With EUR 711 billion of assets under management (as of September 30, 2017), Deutsche Asset Management¹ is one of the world’s leading investment management organizations. Deutsche Asset Management offers individuals and institutions traditional and alternative investments across all major asset classes. ¹ Deutsche Asset Management is the brand name of the Asset Management division of the Deutsche Bank Group. The respective legal entities offering products or services under the Deutsche Asset Management brand are specified in the respective contracts, sales materials and other product information documents.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of September 30, 2017, TCC had $5.9 billion of projects in process and $5.4 billion in its pipeline. TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). For more information visit www.TrammellCrow.com.
About CBRE Group Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.