{"id":1004314307,"date":"2019-04-04T01:21:00","date_gmt":"2019-04-04T09:21:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004314307"},"modified":"2019-04-04T01:21:00","modified_gmt":"2019-04-04T09:21:00","slug":"rockefeller-jv-sells-more-than-1-msf-at-new-jersey-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rockefeller-jv-sells-more-than-1-msf-at-new-jersey-park\/","title":{"rendered":"Rockefeller JV Sells More Than 1 MSF at New Jersey Park"},"content":{"rendered":"
\"\"<\/a>

300 Ridge Road. Image courtesy of Rockefeller Group<\/em><\/p><\/div>\n

Rockefeller Group and joint venture partner PCCP have sold two recently completed distribution centers in Rockefeller Group Logistics Center in Piscataway, N.J., to DWS Group\u2019s real estate platform. A Cushman & Wakefield team brokered the sale. This marks the first sale at the park, where Rockefeller Group will eventually develop five buildings totaling 2.1 million square feet.<\/p>\n

The first building, located at 300 Ridge Road, is a 725,000-square-foot distribution center and was fully leased during construction to Best Buy. It features 36-foot clear ceiling heights, 137 cross-docked loading positions and 195-foot truck docks. The second property, at 100 Ridge Road, is a 311,000-square-foot distribution center fully leased by two tenants, Fujitsu General America Inc. and Humanscale. Each company occupies about 155,000 square feet.<\/p>\n

\u201cThe sale of these completed buildings at Rockefeller Group Logistics Center shows the high level of demand for Class A industrial property in New Jersey<\/em>,\u201d Heath Abramsohn, Rockefeller Group vice president & regional director for the New Jersey and Pennsylvania region, said in a prepared statement.<\/p>\n

Cushman & Wakefield\u2019s Gary Gabriel worked on behalf of the seller and procured the buyer. Members of the firm\u2019s New Jersey capital markets team included Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Ryan Larkin. <\/p>\n

\u201cThere was considerable depth of institutional interest, reflecting a sustained appetite for quality industrial product in New Jersey<\/em>,\u201d Schmidt explained. \u201cRockefeller Group Logistics Center has validated the 287 corridor investment thesis, with the market emerging as a target for investors and users alike<\/em>.\u201d<\/p>\n

Three further buildings totaling more than 1 million square feet are currently under construction on the site. Two of these are under contract by owner\/users for purchase and one is being built on a speculative basis, a Rockefeller Group spokesperson told Commercial Property Executive<\/em>. DWS Group could not be reached for comment.<\/p>\n

Go west, young warehouse<\/h2>\n

A fourth-quarter New Jersey industrial market report from Avison Young highlights the growth west of the New Jersey Turnpike, in the Piscataway, Somerset and South Plainfield markets along Route 287. There, the report notes, tenants can find \u201dexcellent access and more affordable rents<\/em>.\u201d Overall, the state\u2019s industrial market remains \u201cexceptionally strong with vacancy rates falling while rents continue to reach all-time highs.<\/em>\u201d<\/p>\n

Meanwhile, Rockefeller Group has been busy developing and selling industrial properties on both coasts. In February, the company sold a new 406,650-square-foot distribution building<\/a> at the Optimus Logistics Center in Perris, Calif.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cushman & Wakefield arranged the disposition of two industrial buildings\u2014both fully leased to credit tenants\u2014at Rockefeller Group Logistics Center in Piscataway, N.J. <\/p>\n","protected":false},"author":882,"featured_media":1004314319,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,1600,21742,10],"tags":[33022,32799,43859,35021,33053,33348],"class_list":["post-1004314307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-new-york","category-latest","category-northeast","tag-avison-young","tag-cushman-wakefield","tag-dws-group","tag-gary-gabriel","tag-pccp-llc","tag-the-rockefeller-group"],"acf":[],"yoast_head":"\nRockefeller JV Sells More Than 1 MSF at New Jersey Park - 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-jv-sells-more-than-1-msf-at-new-jersey-park\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rockefeller JV Sells More Than 1 MSF at New Jersey Park\" \/>\n<meta property=\"og:description\" content=\"Cushman & Wakefield arranged the disposition of two industrial buildings\u2014both fully leased to credit tenants\u2014at Rockefeller Group Logistics Center in Piscataway, N.J.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rockefeller-jv-sells-more-than-1-msf-at-new-jersey-park\/\" \/>\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=\"2019-04-04T09:21:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/04\/300-Ridge-Road.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"3902\" \/>\n\t<meta property=\"og:image:height\" content=\"3024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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-jv-sells-more-than-1-msf-at-new-jersey-park\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rockefeller-jv-sells-more-than-1-msf-at-new-jersey-park\/\",\"name\":\"Rockefeller JV Sells More Than 1 MSF at New Jersey Park - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rockefeller-jv-sells-more-than-1-msf-at-new-jersey-park\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rockefeller-jv-sells-more-than-1-msf-at-new-jersey-park\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/04\/300-Ridge-Road.jpg\",\"datePublished\":\"2019-04-04T09:21:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rockefeller-jv-sells-more-than-1-msf-at-new-jersey-park\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/rockefeller-jv-sells-more-than-1-msf-at-new-jersey-park\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rockefeller-jv-sells-more-than-1-msf-at-new-jersey-park\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/04\/300-Ridge-Road.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/04\/300-Ridge-Road.jpg\",\"width\":3902,\"height\":3024,\"caption\":\"300 Ridge Road. 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