PISCATAWAY, NJ – Lincoln Equities Group LLC (LEG) and its partner, Real Capital Solutions, announced Wednesday that the firm has sold a 228-acre industrial property at 171 River Road in Piscataway to the Rockefeller Group for $57 million. Formerly a brownfield site, the fully remediated property off Interstate 287 is fully entitled to build 2.4 million square feet of space for industrial distribution and light manufacturing development. The Rockefeller Group will break ground on two new buildings later this summer with an overall project cost between $225 and $250 million.
Since purchasing 171 River Road in 2014, Lincoln Equities Group and Real Capital Solutions worked closely with the Township of Piscataway to redevelop this property, which had been vacant since the 1960’s. LEG developed a site plan and secured development rights to construct up to eight buildings ranging from 250,000 square feet to 700,000 square feet, as well as new roads, infrastructure, and landscaping.
“This property closes at an important time for the state’s I-287 corridor, which is now seeing significant interest from industrial developers due to its proximity to Newark’s airport, port and rail stations,” says Joel Bergstein, president, Lincoln Equities Group. “We purchased the site at 171 River Road three years ago when most developers were focusing on the I-95 corridor, and we’re fortunate to anticipate where the state’s next wave of development would take place.”
171 River Road is located one mile from Interstate 287 (with direct access off both Exits 8 and 9), close to Port Newark/Elizabeth, and is serviceable by "F Plate" rail cars. The property is a former brownfield site that was fully remediated by Union Carbide after the shutdown of a Bakelite plastics manufacturing plant in 1939.
“The development of 171 River Road is a great example of what happens when government and private business come together with a common goal,” says Brian C. Wahler, Mayor of Piscataway Township. “Thanks to our collaboration with Lincoln Equities Group, this former brownfield site – which sat empty for decades – is now positioned to attract businesses and jobs into our community, adding to our tax base.”
The Township of Piscataway offered a Payment in Lieu of Taxes (PILOT) as an incentive to businesses and committed to completely reconstructing Baekeland Avenue, which provides access to the site from Exit 8.
“We were glad to be able to partner with Lincoln Equities, the team there is a great partner that has the local operating expertise we value,” says Marcel Arsenault, CEO of Real Capital Solutions. “We are creative entrepreneurial money with a fortress balance sheet, which allows us to work with partners like Lincoln Equities to maximize results and be a one-stop-shop for debt and equity.”
David Bernhaut of Cushman and Wakefield represented the sellers.
Lincoln Equities Group and Real Capital Solutions are actively seeking new partnerships for future redevelopment and value-add projects.
About Lincoln Equities Group
Lincoln Equities Group LLC (LEG), established in 1980, is one of the Northeast’s leading full-service real estate companies. LEG has built a sterling reputation over more than 30 years in the market due to the quality of its professionals, ability to outperform in all market cycles and strong relationships with tenants and the real estate community. The company prides itself on staying ahead of curve and having the foresight to predict real estate trends. LEG owns, operates, develops and manages commercial and residential properties throughout the tri-state area and Europe for its own account and for third-party owners. http://www.lincolnequities.com/
About Real Capital Solutions
Real Capital Solutions is an active investment manager that provides smart capital and practical solutions for real estate opportunities. For over 30 years, RCS has achieved great success investing in entrepreneurial real estate ventures. During that time, the company has purchased and managed more than 365 real estate investments totaling approximately $3.5 billion. Real Capital Solutions’ investment performance is a result of a solutions-oriented approach to property acquisition, development, management and divestiture. RCS will continue to produce exceptional returns for its investors by working with operating partners that share the same entrepreneurial drive and operational precision in order to achieve extraordinary performance. http://www.realcapitalsolutions.com/