Cushman & Wakefield Expands N.J. Industrial Property Management Portfolio
Addition of Four Properties Totaling 1.2 MSF Responds to Corporate Initiative
EAST RUTHERFORD, N.J., July 1, 2013 - Cushman & Wakefield, Inc.'s New Jersey Corporate Occupier & Investor Services (CIS) team has added four new industrial property management assignments totaling approximately 1.2 million square feet in recent months. Under the guidance of Sam Collison, director, this regional growth responds to a targeted effort to grow the company's Industrial Property Management platform in key markets nationwide.
"As a corporate initiative, Cushman & Wakefield selected New Jersey as one of three U.S. industrial hubs in which to strategically expand its property management focus," noted Eileen Carey, CIS managing director in New Jersey and Connecticut. "Since Sam came on board last fall, we have effectively doubled our business in that sector - and have a number of additional proposals out."
Among its newest projects, the East Rutherford-based team is providing property management for two additional James Campbell assets in Monroe, and South Brunswick; and a TIAA-CREF property in Teterboro. Its entire 2.5 million-square-foot industrial portfolio in New Jersey also includes clients such as Clarion, IIT and Tommy Hilfiger.
"Cushman & Wakefield's industrial platform combines a national approach with local expertise," noted Victoria Knudson, national lead for the firm's Industrial Property Management platform. "As such, we are able to provide seamless account services for owners with properties in multiple markets. Our clients benefit from Cushman & Wakefield's integrated services that address the entire asset lifecycle from due diligence, to brokerage and the eventual sale utilizing C&W's capital markets group."
Collison added that the group's proprietary approach provides additional distinction. Many of the team members came from the ownership side; Collison, himself, worked for both Liberty Property Trust and Prologis. "We manage our clients' properties as if they were our own," he said. "We look at the individual asset and the owner's goals, and then develop an appropriate, customized strategy."
Additionally, the firm's in-house construction practice provides full tenant build-out services. Its project management group prepares budgets and schedules, and coordinates implementation from start to finish.
The Corporate Occupier and Investor Services team's intensified focus on industrial product dovetails with its Mobile Engineering and Maintenance services, another newer initiative launched in New Jersey last year. "Our facility and property management services traditionally have provided engineering services for institutional and corporate-owned office properties," Carey explained. "The new program extends our ‘traditional' level of repair and maintenance services on an adaptable basis for commercial real estate buildings that do not warrant full-time, on-site staff. Warehouse/distribution assets frequently fall into this category."
According to Collison, his team will continue to focus on growing its New Jersey industrial property management portfolio in the coming months. "New Jersey's vast industrial inventory offers a great deal of opportunity," he said. "With the support of Cushman & Wakefield's national platform, our group is well positioned to win additional market share locally."
In total, Cushman & Wakefield's New Jersey/Connecticut Corporate Occupier and Investor Services portfolio management practice represents in excess of 20 million square feet of office and industrial space for Fortune 500 companies. The group employs 400 professionals.