A rendering of 2205 Route 27 in Edison, a now-completed, 900,022-square-foot industrial building by Rockefeller Group
By Joshua Burd
Rockefeller Group has sold a newly built, 900,022-square-foot industrial building in Edison for $247 million, in one of several newly announced deals by CBRE.
The property, which was recently completed, is located at 2205 Route 27 on a 56-acre site directly off Interstate 287. A buyer identified as Property Reserve Inc. purchased the sprawling facility, which reportedly is leased to Amazon.
CBRE announced the deal on Tuesday as it touted several recent deals by the team of Brian Fiumara, Michael Hines, Brad Ruppel, Bo Cashman, Jonathan Beard and Lauren Dawicki. It was among 11 transactions that the CBRE National Partners Northeast group closed in December and among $4.4 million in overall sales volume for the team in 2020.
The total included $1.9 billion in New Jersey.
“Despite the unprecedented challenges our industry faced in 2020, we were able to attain exceptional returns for our clients while posting another record-breaking year,” said Fiumara, a vice chairman with CBRE. “Our entire team worked diligently through this unusual year to negotiate deals with numerous parties under challenging conditions in order to realize excellent outcomes for our clients.”
All told, CBRE National Partners’ Northeast team arranged 23 property sales throughout the New Jersey market, accounting for more than 13.8 million square feet of industrial space. That’s up from 17 sales transactions comprising 8.3 million square feet in 2019, the firm said.
Last year’s high-profile deals included the $275 million sale of a four-building, 2.2 million-square-foot portfolio, which is the first phase of a master-planned development in Phillipsburg and Lopatcong by Bridge Development Partners. PGIM Real Estate acquired the buildings, which are home to tenants such as Uniqlo and Mark Anthony Brands.
Other sales arranged by CBRE in December include the $79.6 million trade of Portside Distribution Center, a newly built, 290,000-square-foot building at 233-287 Miller St. in Newark, according to a news release. The firm also touted the sale of a 1.6 million-square-foot portfolio in the state and an 849,131-square-foot portfolio in the Meadowlands.
The now-former Rockefeller Group building in Edison occupies what was a longtime ExxonMobil research lab and synthetics oil facility, which the firm redeveloped on a speculative basis. The building was fully leased at the time of the sale.