PISCATAWAY, NJ — Rockefeller Group has acquired a 228-acre land parcel in Piscataway, where the global real estate owner, developer and investor will develop the 2.2 million s/f, state-of-the-art Rockefeller Group Logistics Center.
Rockefeller Group has selected Cushman & Wakefield as the marketing agent for the Logistics Center, which will comprise six buildings, representing a combination of speculative and build-to-suit opportunities. The Cushman & Wakefield team of Jules Nissim, Stan Danzig and Marc Petrella will manage the assignment.
“We’re thrilled to move forward with the Rockefeller Group Logistics Center on one of the largest remaining developable sites in New Jersey at a time when demand for well-located and well-designed industrial product in the state is so strong,” said Clark Machemer, senior vice president and regional development officer for Rockefeller Group’s New Jersey/Pennsylvania operations. “When complete, the complex will offer prospective users a level of flexibility that’s unparalleled in New Jersey.”
Rockefeller Group acquired the site from the partnership of Lincoln Equities Group and Real Capital Solutions, in a transaction brokered by the aforementioned Cushman & Wakefield team, along with David Bernhaut, Andy Merin, Gary Gabriel and Kyle Schmidt of Cushman & Wakefield’s Capital Markets Investment team.
“This property closes at an important time for the state’s I-287 corridor, which is now seeing significant interest from industrial developers due to its proximity to Newark’s airport, port and rail stations,” said Joel Bergstein, president, Lincoln Equities Group. “We purchased the site at 171 River Road three years ago when most developers were focusing on the I-95 corridor, and we’re fortunate to anticipate where the state’s next wave of development would take place.”
Rockefeller Group’s plans for the development are propelled by the vigorous demand for modern, top-quality warehouse space in New Jersey, specifically within the I-287 industrial corridor. The Rockefeller Group Logistics Center will feature properties ranging in size from 200,000 to more than 800,000 s/f, accommodating users with a wide variety of size and infrastructure requirements. Flexible transaction options will allow for future users to lease or own industrial space.