CRG expands operations in the Northeast
ST. LOUIS, MO – CRG, the national real estate developer, announced today that it has hired key leadership from DCT Industrial and is opening a new office in the greater Philadelphia area.
Frank Petkunas is opening CRG’s Pennsylvania office in Conshohoken and will serve as Senior Vice President and Partner. Frank will lead CRG’s industrial pursuits in the New Jersey and Eastern Pennsylvania markets. Fred Ferraro will join Petkunas, serving as Vice President of Development for the Northeast region.
“The northeast market has long been a core investment target for global capital and particularly for the industrial sector. It’s not surprising that CRG identified the region for future expansion,” CRG Northeast Senior Vice President and Partner Frank Petkunas said. “Execution has become the winning standard in the industry due to diminishing inventory. CRG’s proven track record will give us the ability to aggressively execute across a wide spectrum of projects.”
“This is an exciting time in CRG’s growth. Our new team members maintain excellent reputations and bring decades of experience developing in the Northeastern market,” CRG President Shawn Clark said. “Together, we will build upon CRG’s proven track record of developing Class A, state-of-the-art distribution centers in core markets nationally. CRG will deliver new industrial assets exceeding $1 billion over the next three years.”
The announcement comes at a time when tenant demand for modern logistics facilities is at an all-time high and consumer demand to purchase goods online is driving e-commerce globally. Retailers are demanding industrial facilities that can accommodate the latest automation technologies and properties that can accommodate increased trailer storage and car park requirements to compete in today’s logistics environment.
CRG’s major projects under development include The Cubes at Bridgeport, a 1 million-square-foot speculative warehouse in the South I-85 Atlanta market; The Cubes at DuPont, a 1.6-million- square-foot industrial park with 340,000 square feet of existing space and 1.25 million square feet of new development in the Seattle market; and The Cubes at Troutdale, a 350,000-square-foot speculative warehouse in the Portland market.