CRANBURY, NJ – Once headquarters to major insurance companies, a 500,000-square-foot office building on Prospect Plains Road was demolished earlier this month to make way for more warehouse space, as part of an ongoing effort to increase the township's rateables.
According to a press release, real estate firm The Sudler Companies performed the demolition, which signified the changeover of the property to a warehouse facility.
Mayor Dan Mulligan, state Sen. Linda Greenstein, D-14, and Township Committee Member David Cook joined Sudler President and Chief Executive Officer Peter Sudler at the site to witness the controlled collapse, according to the release.
“Cranbury’s exceptional performance as a warehouse location is built on its inherent transportation advantages, but it also is the center for the reinvention of the shipping industry,” Mulligan said. “The Panama Canal expansion and Turnpike improvements inspired developers such as Sudler Companies to creatively redevelop properties, so this is a very exciting time.”
Known as a premier industrial real estate company for more than 100 years, Sudler said that the re-purposing of the property is the most important adaptation that the company is aware of.
“Even after significant attempts to sustain the property as an office use, we recognized that the office market is pivoting to the urban trend,” he said. “Warehouse is in stronger demand than ever, and logistics patterns and e-commerce continue to emphasize the New Jersey Turnpike’s Exit 8A market, which serves ports from Philadelphia to New York (and) New Jersey.”
According to the release, Sudler owns 1.1 million square feet of warehouse space at Corporate Park Cranbury and expects to deliver 416,300 and 341,200 square foot buildings at its 70-acre site on Prospect Plains Road.
It recently leased two smaller speculative warehouse buildings in Lakewood almost completely before construction was completed.
“Cranbury is a prime example of adaptive reuse of a former suburban office complex conversion to warehouse and distribution,” Sudler said. “Our business model is to always be cognizant of trends and adjust to the needs of the next wave of users.”
Located just off Exit 8A of the New Jersey Turnpike/I95 and midway between Philadelphia and New York City, both buildings will offer state-of-the-art facilities and close proximity to major highways and ports, according to the release.
Both buildings will be constructed with tilt up construction, with an expected completion date in 2018.
A third generation, family-owned business, Sudler Real Estate grew into one of New Jersey’s most respected real estate firms, according to the company.
The company said it takes a conservative approach to real estate development, construction and management, emphasizing thoroughly researched site selection, functional design and solid construction.
Since 1907, Sudler has kept pace with the shifting needs of the corporate real estate industry, favoring solid long-term investments to high-risk ventures for fast returns, the company said.
Specializing in turn-key projects for major corporate clients, it offers buildings with trouble free, low maintenance features and first-class materials in prime locations, according to the company.
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