Rockefeller Group, PCCP, Sell Two N.J. Distribution Buildings to DWS Group
– Cushman & Wakefield Arranges Sale of More Than One Million Square Feet of Industrial Property at Rockefeller Group Logistics Center in Piscataway, N.J.
PISCATAWAY, N.J. – APRIL 2, 2019 – Rockefeller Group, a leading real estate developer, owner and operator, along with joint venture partner PCCP, LLC, announced today the sale of two recently completed distribution centers in Rockefeller Group Logistics Center to DWS Group’s real estate platform. This marks the first two sales at the logistics park, where Rockefeller Group is developing five buildings totaling 2.1 million square feet.
The first building, a 725,000-square-foot distribution center located at 300 Ridge Road, 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 building, located at 100 Ridge Road, is a 311,000-square-foot distribution center that is leased by two tenants: Fujitsu General America Inc. (“Fujitsu General”) and Humanscale. Each tenant occupies approximately 155,000 square feet.
“The sale of these completed buildings at Rockefeller Group Logistics Center shows the high level of demand for Class-A industrial property in New Jersey,” said Heath Abramsohn, Rockefeller Group Vice President and Regional Director for the New Jersey and Pennsylvania region. “DWS is a welcome addition to Rockefeller Group Logistics Park. These two buildings will continue to benefit from strong institutional ownership for years to come.”
Cushman & Wakefield’s Gary Gabriel represented the seller and procured the buyer with members of the firm’s New Jersey capital markets team including Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Ryan Larkin. Cushman & Wakefield industrial brokerage specialists Stan Danzig and Jules Nissim also supported the assignment as exclusive leasing agents for Rockefeller Group Logistics Center.
“There was considerable depth of institutional interest – reflecting a sustained appetite for quality industrial product in New Jersey,” Schmidt noted. “Rockefeller Group Logistics Center has validated the 287 corridor investment thesis, with the market emerging as a target for investors and users alike.”
Three buildings totaling more than one million square feet are currently under construction on the site.
“With current activity, we anticipate that this project will be fully leased and built out within 18 months,” Nissim added. “Its success is reflective of Rockefeller Group’s long track record of successful Garden State developments, as well as the shifting market fundamentals that are driving tenants to the 287 market.”
Submarket rents have soared 69 percent over the past five years and currently maintain 0.7 percent vacancy rate, according to Cushman & Wakefield research. Tenants in the market enjoy the presence of a deep regional labor pool, proximity to major thoroughfares serving the Northeast and Mid-Atlantic corridors, and easy access to the Port of New York/New Jersey.
About Rockefeller Group
Rockefeller Group is a leading real estate developer, owner and operator, known since the development of Rockefeller Center for pioneering large-scale urban mixed-use development. For nearly nine decades the company has been trusted for its financial strength, stability and vision, and today remains committed to the selective development of innovative, high-quality office, industrial, residential and mixed-use properties in urban centers and distribution markets. The company combines the global perspective and market access of a sophisticated development and investment management platform, through its partnership with Tokyo-based Mitsubishi Estate Co. Ltd., and its strategic investments in independent property fund platforms in the United States and Europe. Visit RockefellerGroup.com.
About PCCP, LLC
Since 1998, PCCP has been providing commercial real estate debt and equity capital for middle-market real estate projects throughout the United States. PCCP has raised, invested and managed over $19 billion of institutional capital and continues to pursue investment opportunities with proven operators. PCCP originates and manages all of its investments, providing capital for all major real estate product types. PCCP invests across the capital stack, from joint venture equity to senior and mezzanine debt, while seeking to identify the best risk-adjusted returns for our investors. With over $9.0 billion of assets under management, PCCP is an established fiduciary for its global investors, with offices in New York, San Francisco, Atlanta and Los Angeles. Learn more about PCCP at www.pccpllc.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About DWS Group
DWS Group (DWS) is one of the world’s leading asset managers with USD 757.9 billion of assets under management (as of 31 December 2018). Building on more than 60 years of experience and a reputation for excellence in Germany and across Europe, DWS has come to be recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.
We offer individuals and institutions access to our strong investment capabilities across all major asset classes and solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground-knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, which guides our strategic investment approach.
DWS wants to innovate and shape the future of investing: with approximately 3,600 employees in offices all over the world, we are local while being one global team.