1.1-million-square-foot distribution center will create approximately 450 jobs
Executives from CRG joined Newmark, Massachusetts State Sen. Ryan Fattman (R-Sutton), Massachusetts House Rep. Joe McKenna (R-Webster) and officials from Douglas, Mass., at a groundbreaking ceremony for The Cubes at Gilboa, a 1.1-million-square-foot warehouse facility being built on 83.8 acres at 123 Gilboa St. in Douglas, Mass. Scheduled for completion in fall 2023, the $100 million project is anticipated to create approximately 450 permanent jobs.
Located just off Route 146, with proximity to the Massachusetts Turnpike and Interstates 395 and 495, The Cubes at Gilboa will help meet high demand for modern distribution space near major population centers including Boston, Worcester and Providence, R.I. The Boston metro had an industrial vacancy rate of just 3% at mid-year 2022, compared with 4.3% a year earlier, according to Newmark research.
“Like our Cubes at Plainville development in Plainville, Massachusetts, The Cubes at Gilboa will offer much-needed inventory to the Boston area’s extremely supply-constrained industrial market,” said Frank Petkunas, Senior Vice President and Partner for CRG’s Northeast Region. “The best-in-class design and central location of this facility will accommodate the needs of a wide range of potential tenants and therefore support the asset’s long-term value.”
The Cubes at Gilboa was designed by CRG’s integrated partner, Lamar Johnson Collaborative, while its parent company, Clayco, is serving as general contractor. The concrete tilt-up structure will incorporate state-of-the-art building specifications. They include 40-foot clear heights, 51- by 51-foot column spacing, 171 dock doors, four drive-in doors, ESFR sprinkler systems, high-efficiency LED lighting and parking for 220 trailers and 651 cars.
“With very few big blocks of Class A warehouse space available to them, many large users are sitting on the sidelines waiting for projects like The Cubes at Gilboa to deliver,” said Ed Jarosz, Executive Managing Director of Newmark, the exclusive leasing advisor for the property. “Worcester County, in particular, has emerged as a fast-growing submarket that has attracted both developers and occupiers drawn to the accessibility of the location. Despite broader economic uncertainty, the market fundamentals in the greater Boston area remain strong amid historically low vacancy and record asking rents – a trend that is expected to continue for the foreseeable future.”
Both The Cubes at Gilboa and The Cubes at Plainfield are being developed through CRG’s U.S. Logistics Fund II (USLF II), a $300 million investment vehicle that closed in June 2022 three months ahead of schedule. USLF II includes more than 100 private investors ranging from family offices to wealth managers to high-net-worth individuals. CRG accomplished its goal of 10% investment from women and persons of color, underscoring the firm’s commitment to an inclusive process that extends opportunities to traditionally underrepresented groups.
About CRG:
CRG is a privately held national real estate development and investment firm that has developed more than 10,000 acres of land and delivered over 210 million square feet of commercial, industrial, institutional and multifamily assets exceeding $13 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Seattle, Southern California, St. Louis, Philadelphia and Phoenix. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next-generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at www.realcrg.com.
About Clayco:
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering, and construction firm that safely and sustainably delivers the highest quality solutions to clients across North America on time, on budget, and above and beyond expectations. With $4.9 billion in revenue for 2021, Clayco specializes in the “art and science of building,” providing fast track, efficient solutions for industrial, commercial, institutional and residential-related building projects. For more information, visit www.claycorp.com.
About LJC:
LJC is the full-service design and architecture arm of Clayco and is committed to enhancing the quality of the human experience and to improving how design and architecture can impact each individual’s emotional being. By harnessing the power of integrated design—including architecture, workplace strategy, interior design, landscape architecture, urban planning and engineering—the company achieves its clients’ goals and aspirations. For more information, visit www.theljc.com.
About Newmark:
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
