575,000 Square Foot Industrial Park Underway in New Jersey
The state-of-the-art business park is designed in a campus-like setting with convenient access to the New Jersey Turnpike.
DENVER, July 22, 2021 (GLOBE NEWSWIRE) -- A fund managed by Black Creek Group, a leading real estate investment firm that was acquired by a subsidiary of Ares Management Corporation on July 1, 2021, announced today it has begun construction on Innovation Park at Exit 8, a two-building 575,000 square foot industrial park located at 148 Princeton-Hightstown Road in East Windsor, New Jersey. The state-of-the-art business park is designed in a campus-like setting with convenient access to the New Jersey Turnpike.
“We are thrilled to break ground on this project as we continue to see strong demand for modern logistics facilities. With the park being located in one of the top consumer markets in the Eastern U.S., the facilities will be ideal for advanced manufacturing, assembly, distribution, technology and pharmaceutical tenants,” said Dave Fazekas, Partner and Chief Investment Officer Industrial of the Ares Real Estate Group.
Building A will total 407,000 square feet with 40’ clear height, 40 dock doors, 317 car parking spaces and 67 trailer parking spaces. Building B will total 168,000 square feet with 36’ clear height, 25 dock doors and 161 car parking spaces. Peak Construction Corporation is the general contractor on the project and Trammell Crow Company is the development manager.
“We have already seen great interest from a wide array of end-users,” said CBRE’s Mindy Lissner, who is part of the team handling the leasing at the business park. “Due to the property’s ideal location in the attractive Central New Jersey industrial market, and the design of the buildings, we are seeing many high-end tech and pharma type prospects.”
Completion of the park is anticipated in Q4 2021. Both buildings are being actively marketed for pre-lease, please contact Mindy Lissner, SIOR at 732-509-2831 or David Gheriani at 732-509-8942.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2021, including the acquisition of Landmark Partners, which closed June 2, 2021, and the acquisition of Black Creek Group, which closed July 1, 2021, Ares Management’s global platform had approximately $239 billion of assets under management with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com. Follow Ares on Twitter @Ares_Management.
About Black Creek Group
The U.S. real estate investment advisory and distribution business of Black Creek Group, a leading real estate investment management firm, was acquired by a subsidiary of Ares Management Corporation on July 1, 2021. The firm has invested in institutional quality commercial real estate across the U.S., managing diverse offerings across the industrial, multifamily, office and retail sectors and providing a range of investment solutions for both institutional and wealth management channels. Over its more than 25-year history, Black Creek Group had bought or built over $23 billion of investments. As of March 31, 2021, the firm had a national footprint of 75.8 million square feet across 31 U.S. markets, including properties under control and development. For more information, please visit www.blackcreekgroup.com.
About CBRE Group, Inc.
CBRE Group Ing. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6a3101fb-ffa8-4314-b3fc-aaa6f3496b97
Contacts:
Ares Management Corporation
Carl Drake, 888-818-5298
[email protected]
or
Brittany Cash, 212-301-0347
[email protected]
Black Creek Group
Briana Ochiltree, 720-728-3109
[email protected]