Rockefeller Group has sold a newly built, 400,000-square-foot industrial property just north of Piscataway.
Rockefeller Group team was able to identify this additional industrial development opportunity west of I-95 along the I-287 corridor. Middlesex Logistics Center, located at 65 Baekeland Ave. in Middlesex Borough, brought additional supply to the growing Interstate 287 corridor after the success of Rockefeller Group Logistics Center Piscataway. The site comprises 30 acres off River Road and is adjacent to the existing 228-acre, five-building Piscataway campus. That complex today includes buildings that are leased to Best Buy, Kuehne + Nagel, Humanscale, and Fujitsu America, which have been sold to institutional investors. The park is also home to SHI International Corp. and KISS Products, which both purchased their facilities directly from the developer.
Following the strong demand for all 2.1 million square feet it developed on the site adjacent to this one, the property was the perfect complement to the previous project in a market that is highly valued for its proximity to one of the nation’s largest population centers.
Rockefeller Group acquired the Middlesex parcel in 2019 from a joint venture of Lincoln Equities Group and Real Capital Solutions. The deal came two years after Rockefeller purchased the neighboring Piscataway site, a former Union Carbide Corp. manufacturing complex, also from Lincoln Equities and Real Capital.
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Rockefeller Group sold the fully-leased building just two months after completion. The buyer was a fund sponsored by CBRE Investment Management. The company worked closely with Cushman & Wakefield and CBRE Investment Management on the sale of Middlesex, which fits well with CBRE Investment Management’s investment strategy. The buyer was pleased to have the opportunity to acquire such a strategic new development in one of the most premier, in-fill logistics markets in the country and now owns a best-in-class fulfillment center that will help serve the delivery needs for the surrounding high-density consumer population.
Rockefeller Group received significant interest in this asset, which is no surprise considering it was newly constructed and fully preleased prior to vertical construction to a long-term e-commerce credit tenant.