Rockefeller Group Logistics Middle. Picture courtesy of Rockefeller Group
Glendale Warehouse and Distribution Co. has acquired Rockefeller Group Logistics Middle, a 345,600-square-foot warehouse in Mount Holly, N.J. The Rockefeller Group bought the newly accomplished property for $83 million. Cushman & Wakefield assisted the customer, whereas CBRE negotiated on behalf of the vendor.
Rockefeller Group broke floor on the undertaking in November 2021, after buying the 27.6-acre improvement web site that September. Blue Rock Building served as normal contractor and Menlo Engineering as civil engineer.
Designed by KSS Architects, the Class A facility encompasses a 36-foot clear top, 54 dock doorways with two-drive-in doorways, LED lighting and 4,000 sq. ft of workplace area. The property has 96 trailer areas and 384 auto parking spots.
Situated at 2575 Route 206 in Eastampton Township, the warehouse is roughly 8 miles from Exit 7 of the New Jersey Turnpike and 27 miles from downtown Philadelphia. The power additionally has entry to interstates 95, 195 and 295.
Government Vice Chairman Chuck Fern with Cushman & Wakefield represented the customer. The CBRE staff aiding the vendor included Vice Chairman Tom Monahan, Affiliate Gerard Monahan, Government Vice Presidents Stephen D’Amato and Larry Schiffenhaus, Consumer Service Specialist Lauren Hageman and Ana Lazarides.
New Jersey industrial area in demand
In 2022, New Jersey had a transaction quantity of $3.42 billion in industrial properties, in keeping with a CommercialEdge report. Regardless of a rise in sale worth for this asset kind and rising rates of interest which result in a lower in gross sales quantity within the second half of the yr, demand for area remained excessive. New Jersey had an 8.4 % improve in rents during the last 12 months, at a emptiness fee of two.6 %.
In one in all final yr’s main transactions, Brookfield Properties acquired a newly developed Class A property in Jackson, N.J., totaling greater than 1 million sq. ft. Cushman & Wakefield represented the vendor, a partnership of Lively Acquisitions and Stonecutter Capital, and procured the customer.
As for 2023 offers, a big one closed final month, when Hines paid $127 million for Newark Distribution Middle, a 738,000-square-foot industrial portfolio in Newark, N.J. The property was previously residence to a brewery initially in-built 1900.
