83 Stults Road in Dayton and an adjacent development parcel — file photo
By Joshua Burd
A joint venture has broken ground on more than 200,000 square feet of new industrial space in South Brunswick, according to brokers with JLL who helped orchestrate the project.
In a news release Friday, the firm said Accordia Realty Ventures LLC and a separate account client of EverWest Real Estate Investors LLC have started construction at 85 Stults Road, a planned 203,488-square-foot building in the township’s Dayton section. The development group has started site work at the 20-acre property, where construction on the new distribution and warehouse facility is expected to be complete by early 2019.
JLL Executive Managing Director Joel Lubin and Executive Vice President Brian Golden worked closely on the project with Joseph Romano and Jason Bogart, principals at Accordia Realty, and with Mark Bigarel, senior vice president and head of acquisitions at EverWest. The project has included the acquisition of the site and the planning of the development, while JLL will continue on as the marketing team for the new building.
The development group acquired the site early last year along with an adjacent 369,000-square-foot building at 83 Stults Road. Accordia and EverWest, on behalf of its client, later signed a sale-leaseback with the seller, a logistics and distribution firm known as Hermann’s Services, to remain at 83 Stults Road for one year.
JLL represented Accordia and EverWest in both the initial sale and the sale-leaseback.
“Accordia Realty and an EverWest client bought the building and adjacent land in February 2017 with the intention of working with the local municipality to receive approvals for the construction a new distribution and warehouse facility at 85 Stults Road,” Golde said. “The risk was buying land that was not entitled, but the site is adjacent to the New Jersey Turnpike’s Exit 8A, in the midst of the hottest industrial market in the state, and there is very little supply in this submarket.”
This past April, One Stop Logistics inked a 10-year lease for the entire 369,000-square-foot building at 83 Stults Road. JLL’s Golden represented ownership in the lease, while Brian DiPinto, director with The Blau & Berg Co., represented the tenant.
The new property at 85 Stults Road will include 36-foot clear ceiling heights, 52 load docks, four drive-in doors, 38 car parking spaces and 75 trailer stalls, the news release said.
