{"id":1004183241,"date":"2017-07-07T03:22:16","date_gmt":"2017-07-07T11:22:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004183241"},"modified":"2022-12-08T18:15:01","modified_gmt":"2022-12-09T02:15:01","slug":"rockefeller-buys-228-acre-nj-industrial-site","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rockefeller-buys-228-acre-nj-industrial-site\/","title":{"rendered":"Rockefeller Nabs 228-Acre NJ Industrial Site"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

\"Joel<\/a>

Joel Bergstein, president, Lincoln Equities Group<\/p><\/div>\n

Lincoln Equities Group and partner Real Capital Solutions just pocketed $57 million on the sale of a 228-acre industrial site in Piscataway, N.J.\u00a0 The partners sold the fully entitled property to The Rockefeller Group, which plans to invest as much as $250 million to develop the site.<\/p>\n

The disposition of the property, located off Interstate 287 at 171 River Rd., comes three years after Lincoln Equities and Real Capital acquired it from Dow Chemical subsidiary Union Carbide. The former brownfield site\u2014which Union Carbide fully restored\u00a0following the closing of a Bakelite plastics manufacturing plant in 1939\u2014has been closed\u00a0since the 1960s. While most industrial real estate developers were targeting the Interstate 95 corridor, Lincoln Equities saw an opportunity for the\u00a0Interstate 287 corridor.<\/p>\n

\u201cGeographically, when you look at the I-95 corridor using the Port [of New York and New Jersey] as a starting point and looking at where growth of industrial was going, it kept heading further south,\u201d<\/em> Joel Bergstein, president, Lincoln Equities Group, told Commercial Property Executive<\/em>.\u00a0\u201cIt was over 200 acres of land in a market that was land constrained, and we found an incredibly cooperative municipality in the Town of Piscataway who wanted to see this put back on tax rolls,\u201d<\/em> he added. \u201cIt was the perfect example of public-private partnership that saw an opportunity to take a brownfield site that had been cleaned up and put it back on the tax rolls and do development.\u201d<\/em><\/p>\n

CHANGE OF PLANS, CHANGE OF HANDS<\/strong><\/h2>\n
\"Piscataway<\/a>

Piscataway Proposed Site Plan<\/p><\/div>\n

In 2015, Lincoln Equities secured preliminary site plan approval from the Piscataway Planning Board for a 2.4 million-square-foot, eight-building industrial park. \u201cThe market continued to strengthen. We were planning to do development ourselves but the market strengthened considerably so we agreed it was time to exit,\u201d<\/em> Bergstein said. Lincoln Equities and Real Capital turned to commercial real estate services firm Cushman & Wakefield to market the property, and saw a good response from the market. However, the partners weren\u2019t looking for just any investor to take on the property; they sought a buyer with a level of sophistication sufficient to understand the environmental aspects of the property, which has been cleaned up to a residential-level quality. Rockefeller, which worked with other brownfield sites, fit the bill.<\/p>\n

Rockefeller plans to kick off the development of the industrial distribution and light manufacturing park with a ground breaking on two facilities this summer.<\/p>\n

RIGHT PLACE, RIGHT TIME<\/strong><\/h2>\n

The project at the newly traded property is a timely undertaking. The New Jersey\u00a0industrial market<\/a> is riding high, and of 10 counties across Northern and Central New Jersey, Middlesex County has the second-lowest vacancy rate at an enviable 3.5 percent, according to a first quarter 2017 report by Cushman & Wakefield.<\/p>\n

\u201cThe fascinating thing about the industrial market on a more global basis is that for decades it was sort of the sleepy asset class in the real estate business. Rents grew at a nickel at a time. Today it\u2019s one of the most exciting examples in the real estate business because e-commerce has changed everything,\u201d<\/em> noted Bergstein. \u201cAnd in New Jersey, expansion of the port has changed everything, bringing in these super-container ships is changing everything.\u201d<\/em><\/p>\n

Despite having sold the construction-ready former Union Carbide site, Lincoln Equities remains more than a little keen on development in the New Jersey industrial market. The company continues to pursue other large sites and is currently under contract on a 100-acre property in Port Bayonne. \u201cWe believe the industrial market, as e-commerce continues to expand its foothold, will continue to strengthen\u2014and the availability of land and state-of-the-art buildings is very limited.\u201d<\/em><\/p>\n

Image courtesy of\u00a0Lincoln Equities Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The disposition of the property comes three years after Lincoln Equities and Real Capital acquired it from Dow Chemical subsidiary Union Carbide.<\/p>\n","protected":false},"author":969,"featured_media":1004183247,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,1600,21742,10],"tags":[36635,36636,36634,33348],"class_list":["post-1004183241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-dow-chemical","tag-joel-bergstein","tag-lincoln-equities-group","tag-the-rockefeller-group"],"acf":[],"yoast_head":"\nRockefeller Nabs 228-Acre NJ Industrial Site - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rockefeller-buys-228-acre-nj-industrial-site\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rockefeller Nabs 228-Acre NJ Industrial Site\" \/>\n<meta property=\"og:description\" content=\"The disposition of the property comes three years after Lincoln Equities and Real Capital acquired it from Dow Chemical subsidiary Union Carbide.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rockefeller-buys-228-acre-nj-industrial-site\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-07T11:22:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:15:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Joel-Bergstein-Lincoln-Equities-Group-courtesy-of-Lincoln-Equities-800....jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rockefeller-buys-228-acre-nj-industrial-site\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rockefeller-buys-228-acre-nj-industrial-site\/\",\"name\":\"Rockefeller Nabs 228-Acre NJ Industrial Site - 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