Rockefeller Group, PCCP, Sell 469,600 SF Industrial Building in Piscataway to Kiss Products for $65.7 Million
– Global beauty company to relocate distribution to Rockefeller Group Logistics Center
MORRISTOWN, N.J. – July 24, 2019 – Rockefeller Group, a leading real estate developer, owner and operator, along with joint venture partner PCCP, LLC, today announced that Kiss Products, Inc., with its world headquarters in Port Washington, N.Y., has purchased a 469,600-square-foot distribution building at Rockefeller Group Logistics Center in Piscataway, N.J. for $65.7 million. The global beauty company will occupy the property—situated within the 2.2-million-square-foot state-of-the-art Rockefeller Group Logistics Center— this summer.
“The interest in Rockefeller Group Logistics Center from prospective users that we’ve experienced to date has not only met our expectations for the project, but has actually exceeded them,” said Heath Abramsohn, Vice President and Regional Director for Rockefeller Group’s NJ/PA Region. “This latest transaction with Kiss is demonstrative of the market’s appetite for well-located industrial development in New Jersey and is a further testament to the quality of next-generation product that we’re building in Piscataway.”
The facility, which boasts an advanced-functionality design, will accommodate Kiss’ growing logistics needs as demand continues to strengthen from its consumer base and national retail partners in the region. Through the opening of its new logistics facility, Kiss anticipates that it will create more than 250 jobs in Piscataway.
“Kiss is excited to be relocating its distribution center to Piscataway and consolidating our four Long Island distribution locations at Rockefeller Group Logistics Center,” said Richard Kim, CFO of Kiss Products, Inc. “Piscataway’s proximity to the port of Newark/Elizabeth makes it an attractive location for reaching our customers nationally.”
“I am thrilled that Kiss Products has chosen our community at which to manage its logistics,” Piscataway Mayor Brian C. Wahler said. “Kiss will be a valued corporate partner to Piscataway which along with Best Buy, Fujitsu and Humanscale will thrive at what is now a state-of-the-art center for commerce that is providing good jobs for hard-working residents and welcome revenue to the Township.”
The Cushman & Wakefield team of Jules Nissim, Stan Danzig, and Marc Petrella serves as the exclusive agent for the development and represented Rockefeller Group in the transaction. Kiss was represented by Greg Brown and Tom Kirczow of NAI DiLeo-Bram & Co. The acquisition was financed by Citibank, City National Bank and Shinhan Bank America.
Earlier this year, Rockefeller Group sold two fully-leased distribution centers in Rockefeller Group Logistics Center to DWS Group’s real estate platform. The first building, a 725,000-square-foot distribution center located at 300 Ridge Road, was fully-leased during construction to Best Buy. 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.
Representing a combination of speculative and build-to-suit opportunities, the logistics center can accommodate users with a wide variety of size and infrastructure requirements. The properties also boast an advanced-functionality design that allows for future growth. Flexible transaction options allow for users to either lease or own space within Rockefeller Group Logistics Center.
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