Middlesex Logistic Center at 65 Baekeland Ave. in Middlesex Borough — Courtesy: Cushman & Wakefield
By Joshua Burd
Rockefeller Group has sold a newly built, 400,000-square-foot industrial property just north of Piscataway, in a transaction arranged by Cushman & Wakefield.
The fully leased building, located at 65 Baekeland Ave. in Middlesex Borough, changed hands less than two months after being delivered by the developer’s Morristown-based New Jersey team. The buyer, a fund sponsored by CBRE Investment Management, paid an undisclosed price for the asset.
“We’re happy to have worked with Cushman & Wakefield and CBRE Investment Management on the sale of Middlesex Logistic Center,” said Mark Shearer, senior managing director for Rockefeller Group’s New Jersey and Pennsylvania region. “This premier last-mile facility fits well with CBRE Investment Management’s investment strategy as they continue to acquire Class A industrial properties throughout the United States.”
C&W’s Gary Gabriel, Kyle Schmidt, David Bernhaut and Ryan Larkin, working in coordination with leasing specialists Jules Nissim and Kimberly Bach, represented Rockefeller Group in the sale. They noted that the property has 36-foot clear ceiling heights, 38 loading positions, parking for 334 cars and 281 vans and a 130-foot truck court.
It’s also just north of Rockefeller’s recently developed, 2.1 million-square-foot logistics campus in Piscataway.
“We’re very pleased to have the opportunity to acquire such strategic new development in one of the most premier, in-fill logistics markets in the country,” said Mary Lang, head of Americas direct logistics strategies and portfolio manager for CBRE Investment Management. “In Middlesex, Rockefeller Group has built a best-in-class fulfillment center that will help serve the delivery needs for the surrounding high-density consumer population.”
The 30.3-acre site is just off Exit 9 of Interstate 287, some 10 minutes from the New Jersey Turnpike and Route 1. C&W added that the property is within a 90-minute drive of 21 million people.
“We received significant interest in this asset, which is no surprise considering it’s newly constructed and fully preleased prior to vertical construction to a long-term e-commerce credit tenant,” Gabriel said. “Additionally, the asset is conveniently located along the I-287 corridor, one of New Jersey’s best-performing submarkets.”
