Page 16 - RE-NJ

14 MARCH 2024
(Editor’s note: Paul V. Profeta & Associates is owned by Paul Profeta, who is the publisher of Real Estate NJ)
PVP Exit 8 LLC, an affiliate of Paul V. Profeta & Associates Inc., has secured approvals to
build 1.1 million square feet of new industrial space adjacent to the New Jersey Turnpike in East Windsor, capitalizing on a site that is a 45-second drive from the highway’s northbound lanes.
Based in Roseland, the firm is developing the 123-acre site immediately east of the highway and contiguous to the Exit 8 interchange, which circumscribes the property. Plans call for a facility
with 40-foot clear ceiling heights, 722,000 square feet of warehouse, 300,000 square feet of mezzanine and up to 60,000 square feet of office space, along with 87 tailboard doors and parking for 772 cars and 38 trailers.
Profeta is building the project
at 200 Milford Road as part of a redevelopment plan approved by local officials in 2022.
“This site was brought to me five years ago by Thomas C. Nuara
of Resource Realty,” said Paul Profeta, founder and president of Paul V. Profeta & Associates. “Once I saw the locational advantage
of a site with the toll exit ramp circumscribing its boundaries, I
jumped on it. Negotiations were tedious because of the religious institution that owned it, but Nuara’s focus and determination never wavered.
“He did a sensational job with difficult sellers
This will be Profeta’s fourth large warehouse project in the last three years. Three years ago, he built 300,000 square feet in Columbus, Ohio, leased it to Amazon and sold it to PGIM. He is currently building 155,000 square feet in Salem, New Hampshire, contiguous to Interstate 93, noting that the site is currently 67 percent leased because tenants enjoy a 30-minute commute to downtown Boston.
Finally, Profeta owns a 400,000-square-foot warehouse
in Winter Haven, Florida, that is leased to Sherwin-Williams Co. for 20 years on a triple-net basis, which he acquired in a 1031 exchange. The tenant has asked for an expansion of 300,000 square feet, bringing
PVP Exit 8 LLC plans to build 1.1 million square feet of modern industrial space at 200 Milford Road in East Windsor, directly off New Jersey Turnpike Exit 8.
EASY ACCESS
Profeta lands approvals for 1.1 million sq. ft. industrial project at New Jersey Turnpike Exit 8
By Joshua Burd
Paul Profeta
and put the ball in the goal. He executed one
of the most professional and successful brokerage jobs I have witnessed in my 50 years
in the business. That is probably why he is one of the prolific industrial brokers year after year in the state.”
Renderings by Gensler/Courtesy: BDP