DALLAS--(BUSINESS WIRE)--Crow Holdings Industrial (CHI), the industrial development company of Dallas-based Crow Holdings, today announced its most active quarter to date, with record sales and leasing activity and more than eight million square feet under construction. Following its successful 2019, CHI expects to break ground on an additional ten million square feet in 2020.
“With expanding e-commerce growth, demand is outpacing supply of Class-A industrial space in virtually every U.S. metro, and our substantial development pipeline is testament to CHI’s ability to meet pressing market needs,” said Ken Valach, CEO of CHI. “With offices across the U.S., we have a deep understanding of market dynamics from coast-to-coast which helps us create attractive properties that deliver value to our tenants. CHI’s experienced local development teams have been effective in working with cities and municipalities to deliver high quality, attractive properties that capitalize on strong tenant and investor demand across the country.”
In the 4th quarter of 2019, CHI signed more than 1.7 million square feet of new leases across seven of the firm’s properties, including a full-building 930,000-square-foot lease with LG Electronics in Franklin Township, New Jersey, a 350,000-square-foot lease with Wholesome Sweeteners in Deer Park, Texas and an 80,000-square-foot lease with STS Aviation in Union City, Georgia.
CHI also completed the sale of four properties totaling $275 million, reflecting the successful execution of the company’s business plan and underscoring CHI’s continued ability to drive value across the lifecycle from site identification and development through to lease-up, management and disposition. These sales included a 1.1-million-square-foot, Class-A industrial warehouse in Lathrop, California that was completed in 2019 and is leased to Wayfair, Inc., an e-commerce home goods company.
CHI’s current projects under construction are spread across 15 development sites and 30 buildings in markets including New Jersey, Atlanta, Los Angeles, Houston, Dallas and Chicago, with high quality amenities that help address labor shortages by improving the lifestyle and productivity of tenant teams.
“We make a concerted effort to create inviting, well-amenitized properties that not only support our tenants’ operations but help them attract and retain a talented workforce,” said Valach. “This focus on creating a best-in-market product has been a significant factor in driving the success of our portfolio. With 16 new projects totaling ten million square feet set to break ground this year, we’re poised to continue our strong development activity in 2020, bringing much-needed industrial properties to markets across the country.”
About Crow Holdings Industrial
Crow Holdings Industrial (CHI) is a development company specializing in distribution, fulfillment and last mile properties in key logistics markets throughout the United States. CHI and multifamily developer Trammell Crow Residential (TCR) are part of the development platform of Crow Holdings, a privately owned real estate investment and development firm with a 70-year history and a proven track record of performance, partnership and innovation. For more information, please visit www.crowholdings.com/chi.