Black Creek Group Sees E-commerce Continue to Positively Impact Industrial Demand Particularly in Coastal and Urban Markets
Firm signs almost one million square feet of leases with leading e-commerce provider in North East Region
September 22, 2020 | Black Creek Group
DENVER, September 22 — Black Creek Group, a Denver-based real estate investment management firm with a more than 25-year history, today announced the completion of 943,000 square feet of leasing with a leading global e-commerce provider. The leases span six full buildings across three markets in the North East Region.
• 290,000 square foot prelease at Lodi Distribution Center, a two-building development located in the Meadowlands submarket of New Jersey. The buildings are currently under construction with an expected completion of Q4 2020.
• 290,000 square foot lease at Premier Business Park, a two-building industrial park located in the Prince William County submarket of Virginia.
• 207,000 square foot lease at Philadelphia Logistics Center, a Class A distribution warehouse located in the Lower North Philadelphia submarket of Pennsylvania.
• 156,000 square foot lease at Paddock Distribution Center, a development in the Carteret Avenel submarket in New Jersey, which the firm recently completed construction of in Q3 2020.
“Black Creek continues to pursue industrial opportunities as we have experienced firsthand the uptick in demand for industrial space amid the ongoing pandemic as businesses increase their e-commerce fulfillment operations as consumers shift to ordering more goods online,” said Dave Fazekas, Black Creek Group’s senior managing director for the Eastern Region. “Additionally, more and more retailers are moving from a ‘just in time’ to a ‘just in case’ supply chain strategy to avoid future disruptions, which in turn increases the demand for industrial facilities located in close proximity to dense populations to meet delivery demands and rising inventory levels.”
To address the continued demand for state-of-the-art industrial space, the firm has 4.5 million square feet in the North East Region under development.
Included in these developments are:
• North Valley Trade Center – a 1.3 million square foot two-building development located in the Lehigh Valley submarket of Pennsylvania with completion expected in Q1 2021. For leasing information contact Jeff Lockard with Jones Lang LaSalle at 610-249-2279.
• Interchange @ 309 – a 907,000 square foot three-building development located in the Lehigh Valley submarket of Pennsylvania with completion expected in Q1 2021. For leasing information contact Jonathan Gelman with Gelcor Realty at 215-591-9300.
• Florence Turnpike Crossings – a 528,000 square foot facility located in the Burlington County submarket of New Jersey with completion expected in Q3 2020. For leasing information contact Marc Petrella with Cushman & Wakefield at 732-261-6317.
• Railroad Avenue – a 301,000 square foot facility located in the Burlington County submarket of New Jersey with completion expected in Q2 2021. For leasing information contact Brian Knowles with Lee & Associates of Eastern Pennsylvania at 610-400-0484.
• 320 Dulty’s Lane – a 208,000 square foot facility located in the Burlington County submarket of New Jersey with completion expected in Q2 2021. For leasing information contact Scott Mertz with NAI Mertz at 609-413-5647.
About Black Creek Group
Black Creek Group is a leading real estate investment management firm that has bought or built over $21 billion of investments throughout its more than 25-year history. The firm manages diverse investment offerings across the spectrum of commercial real estate – including industrial, multifamily, office and retail – providing a range of investment solutions for both institutional and wealth management channels. Black Creek Group has seven offices across the United States with approximately 300 professionals. More information is available at blackcreekgroup.com.Go Back
Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.