Crow Holdings Industrial just marked its strongest quarter on record.
The affiliate of Crow Holdings witnessed substantial growth in both industrial leasing and asset construction nationwide during the fourth quarter of 2019, and it is gearing up for a giant year of development.
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The company attributes the record-setting quarter to increased demand for industrial assets as e-commerce providers push for more last-mile delivery hubs and distribution centers.
The Dallas-based firm inked 1.7M SF in new industrial leases across the U.S. during Q4 alone, while selling four industrial properties worth $275M and managing 8M SF of industrial space under construction.
Fourth-quarter industrial leasing activity rose on a few major lease deals, including a 930K SF lease with LG Electronics in New Jersey, a 250K SF lease with Wholesome Sweeteners in Deer Park, Texas, and an 80K SF lease with STS Aviation in Union City, Georgia, CHI said.
The company also recorded a 1.1M SF industrial warehouse sale in Lathrop, California, which was occupied by home goods giant Wayfair Inc.
Heading into 2020, the company expects to launch construction on 10M SF of new industrial space.
Projects already underway are in New Jersey, Atlanta, Los Angeles, Houston, Dallas and Chicago.
“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,” CHI CEO Ken Valach said in a statement.
