Orange County’s base of industrial developers remain busy in and outside of the region.
Newport Beach-based CT Realty is one such firm enjoying a robust development pipeline, with $3 billion in projects now underway.
In the latest addition to the company’s portfolio, CT Realty acquired 282 acres in New Jersey with plans to build a 1.7 million-square-foot logistics campus.
CT Realty partnered with PGIM Real Estate in the deal, financial details of which weren’t disclosed.
Dubbed Garden State Logistics Park, it will be CT Realty’s fourth project with PGIM Real Estate in recent years.
The site is near the 295 Freeway and Delaware Memorial Bridge in Pennsville, N.J., and a few minutes from Interstate 95, the East Coast’s main freeway.
Distribution Hub
Work on the project is underway, officials say, with construction expected to wrap by the third quarter of 2023.
The facility will include two buildings, one running 1.2 million square feet and the other 512,400 square feet.
New Jersey is the second largest industrial market in the country, according to CT Realty.
“This project is at the gateway to Southern New Jersey and will serve as a distribution hub for the entire Northeast, able to serve 66 million consumers in a single day’s truck drive,” Rob Huthnance, who oversees CT Realty’s Eastern U.S. development activity, said in a statement.
CBRE Group Inc. brokered the land sale and will also represent the landlord in lease deals.
Projects Underway
CT Realty counts some 20 million square feet of industrial buildings in its portfolio.
All of its current development activity is outside of Orange County, though it owns some local sites that could hold new projects in the future.
Outside OC, it’s been one of the country’s most active privately held developers for larger-sized projects over the past several years.
CT Realty will deliver a 1.7 million-square-foot project in Jacksonville, Fla., later this year. It also has 2 million square feet under development in Ohio as part of a 5.5 million-square-foot logistics facility in Columbus, Ohio, and an additional 1 million square feet under construction in Atlanta.
The company recently wrapped construction on two buildings totaling 1 million square feet in Indiana.
Closer to home, CT Realty is developing a 4.4 million-square-foot industrial development in the Inland Empire.
It partnered with PGIM Real Estate for the acquisition and construction of Agua Mansa Commerce Park in Jurupa Valley, closing on the 206-acre site in 2020.
The first phase of the project includes five buildings totaling 3.6 million square feet, with building sizes ranging from 180,000 square feet to 1.2 million square feet.
CT Realty is based out of an 8,000-square-foot office at the Koll Center in Newport Beach and is headed by James “Watty” Watson, Dominic Petrucci and Carter Ewing.
