CRANBURY, NJ – Two large real estate and development firms are teaming up to build a 1.2 million square-foot warehouse in Cranbury Station, according to a press release Thursday.
The Rockefeller Group and Alfieri, LLC are joining up to build the state of the art facility near the New Jersey Turnpike Exit 8A, according to the release.
“We are very pleased to partner with Alfieri on what will be a state-of-the-art distribution facility in one of the strongest industrial property markets in the nation,” said Clark Machemer, senior vice president and regional development officer for The Rockefeller Group’s New Jersey/Pennsylvania office. “The demand-side fundamentals are extremely strong in the Exit 8A submarket, and there are no other existing opportunities to lease a space of this size in the state, so we’re expecting strong interest ahead of completion.”
The developers broke ground on the project on Cranbury Station Road in May featuring a 40-foot tall clear ceiling structure with about 930,000 square feet of warehouse space.
The speculative building is allowed after the Cranbury Township Committee raised the height limit for such buildings earlier in the year.
In addition to the higher ceiling, the building will be “solar ready” on its roof and allow for deliveries on the third side of the structure, according to the release.
A second building, consisting of around 320,000 square feet of warehouse and distribution space is also planned for the 120-acre site, according to the release.
We are excited to partner with The Rockefeller Group on this industrial project and look forward to bringing this sophisticated and unique product to market,” said Michael Alfieri, president of Alfieri, LLC. “We have had significant interest in the building from a variety of industries, but the 40-foot clear height is particularly attractive to e-commerce tenants who would use the additional height for as many as three mezzanine levels.”
New Jersey’s Exit 8A submarket houses distribution facilities for some of the world’s most recognizable brands, including Pearson Education, The Home Depot, ConAgra, Crate & Barrel, FedEx, Costco, Williams Sonoma, Staples, Kellogg’s, Petco, Volkswagen, Ford, LG Electronics and L’Oreal, among many others, the release said.
“Exit 8A ranks among the nation’s top industrial hubs, offering a location mid-way along the Boston-to-Washington, D.C., corridor and access to one-third of the nation’s population within a one-day drive,” noted Cushman & Wakefield’s Stan Danzig, who is heading the leasing agency assignment with Jules Nissim and Stephen Elman. “Within that context, Cranbury Station Park is being developed on one of the submarket’s last remaining large-block parcels. With such established and well-respected developers at the helm, this high-profile project is well positioned for rapid success.”
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