Page 32 - RE-NJ

30 SUMMER 2025
Courtesy: Paul V. Profeta & Associates
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BREAKING GROUND
Profeta kicks off 300,000 sq. ft. expansion of existing
400,000 sq. ft. warehouse for consumer goods giant
(Editor’s note: Paul V. Profeta is the publisher of Real Estate NJ)
By Joshua Burd
A n affi liate of Paul V. Profeta
& Associates Inc. has broken
ground on a project that will
add nearly 300,000 square feet to a
major industrial facility it already
owns in the Southeast.
The undisclosed tenant, a Fortune
500 company with investment-grade
credit, currently occupies some
400,000 square feet at the property
and will soon expand under a
newly signed, 25-year lease. The
absolute triple-net, bondable lease
comes seven years after the Profeta
affi liate acquired the property as
part of a 1031 like-kind exchange,
using the proceeds from the sale
of a large industrial development
parcel in New Jersey’s Somerset
County.
The Roseland-based developer and
real estate investor noted that, on
a tour of the building he conducted
shortly after his purchase, it became
clear that the tenant had an urgent
need to expand. Construction
is now underway after a May 28
groundbreaking that drew an
executive vice president, a senior
vice president and a vice president
from the tenant company, a
household name in consumer goods.
“Given the fact that this warehouse
will now be one of the largest in the
U.S. system for
this company, I
have been able
to deal with
the president,
executive vice
president and
vice president
of the logistics
Paul Profeta
division,” said
Paul Profeta, founder and president
of Paul V. Profeta & Associates.
“They have been a delight, and we
have created a warm, mutually
trusting relationship.”
The landlord, which will receive
an annual 3 percent increase in the
new lease, is currently a preferred
builder for Amazon and is now a
preferred builder for the consumer
goods company. Completion of the
new high-tech warehouse is slated
for mid-2026, while the facility will
have features such as a 49-foot clear
ceiling, a large gantry up above
and robots working on the fl oor,
which has created a need for a 12-
inch thick “super fl at” fl oor costing
several million dollars extra.RE