The deal for the brownfield site at 171 River Road, Piscataway, with immediate access to Interstate 287, will be used by the buyer to build 2.4 million square feet of industrial distribution and light manufacturing space.
“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,” Clark Machemer, senior vice president and regional development officer for Rockefeller Group's New Jersey and Pennsylvania operations, said. “When complete, the complex will offer prospective users a level of flexibility that’s unparalleled in New Jersey.”
The logistics center will be comprised of six buildings combining speculative and built-to-suit options. Rockefeller said it will break ground on two building sites later this summer. The firm estimated the project cost to be between $225 and $250 million.
"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," says 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."
David Bernhaut of Cushman & Wakefield represented the sellers in the transaction.
Excess parking for each building, an on-site rail service and two entryways have also been planned for the site.
“The Rockefeller Group Logistics Center will feature properties ranging in size from 200,000 to more than 800,000 square feet, accommodating users with a wide variety of size and infrastructure requirements,” Rockefeller said in a news release. “Flexible transaction options will allow for future users to lease or own industrial space.”
Piscataway Township agreed to a 30-year PILOT deal with the Rockefeller Group.
Cushman & Wakefield was selected as the exclusive marketing agents for the center. Jules Nissim, Stan Danzig and Marc Petrella will manage the assignment.