Opportunity
Rockefeller Group identified the site for the project which provides immediate access to Route 287 and the New Jersey Turnpike servicing both the Tri-State area and regional markets. Because there is a shortage of new, large buildings with adequate vehicle and trailer parking, the site was ideal for development and was expected to generate strong demand.
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Auto-Parking StallsProject Highlights
The 56 acre property in Edison, N.J., is the former site of an ExxonMobil Synthetics Plant and Research Lab. ExxonMobil constructed the facility in 1948 and had been using it to manufacture petroleum byproducts until finally ceasing all operations in 2016. In November of 2017, Rockefeller Group acquired the property from ExxonMobil for the development of a new, approximately 900,000 square foot warehouse/distribution facility.
When Rockefeller Group purchased the site, it took over its remediation responsibilities on the property including abating and demolishing the remaining buildings on the site, completing the necessary environmental investigations, implementing the resulting remedial actions including soil excavation and removal, as well as groundwater remediation. The company also worked closely with the town to rezone the site, agree on the work Rockefeller Group would be performing, including off-sites, and negotiated a tax incentive program.
Results
In 2020, Rockefeller Group completed and sold 10 Edison, fully-leased, in one of the largest industrial sales of the year. Rockefeller Group showed that its faith in the market, development knowledge and associated track record in New Jersey, coupled with its financial strength, were key to a successful project. The company took an inactive, brownfield site and made it an active development that added jobs to the surrounding area.
