By Joshua Burd
IDI Logistics has bolstered its development pipeline in the state with its purchase of office properties in Piscataway and Ewing, with plans to redevelop both as industrial space.
According to the Atlanta-based firm, the Piscataway site consists of 14 acres at 1551 South Washington Ave., providing a location just off Interstate 287 and nine miles from the New Jersey Turnpike. CBRE’s Elli Klapper, Kevin Dudley, Chad Hillyer, Mark Silverman, Jeremy Wernick, Charles Berger and Nick Klacik represented the seller and procured IDI as the buyer.
The Ewing property, at 370 Scotch Road, comprises 18 acres just off Interstate 295 and has a direct highway route to Port Newark-Elizabeth. IDI noted that the site is minutes from the Trenton area’s abundant labor pool, adding Newmark’s Kyle Eaton and Steve Tolkach represented the firm in its purchase of the site.
The properties include a combined 32 acres, the developer said. It now plans to redevelop the sites into two modern warehouse and distribution buildings, although it did not provide additional details this week.
Terms of the deals were not disclosed.
“These are IDI Logistics’ first internally sourced new land acquisitions in New Jersey in several years,” said Matt Breaux, the firm’s senior vice president for the east region. “We are very excited to launch a strategic pipeline of redevelopment opportunities in this critical market.”
The deals follow IDI’s recent lease of a new 111,000-square-foot industrial building in Passaic to a publicly traded home improvement company. Additionally, the company has started to add energy-generating solar panels to the roofs of its buildings in New Jersey.
“These acquisitions continue our strategy of rebalancing operating assets towards the coastal markets,” said Justin Burns, IDI Logistics’ Northeast market officer. “We’re excited about these projects and will continue to grow our portfolio in New Jersey.”