300 Prospect Plains Road in Cranbury. — Courtesy: The Sudler Cos.
By Joshua Burd
The Sudler Cos. is hailing the success of a high-profile redevelopment project in Cranbury, where it has leased two new industrial buildings totaling 758,000 square feet at the former site of a large office complex.
The full-building, long-term leases include a deal with RUGSUSA, an online retailer, which is taking 342,000 square feet at 286 Prospect Plains Road. Meantime, the office products company W.B. Mason Inc. has leased 416,000 square feet at the neighboring 300 Prospect Plains Road.
The deals mark the completion of Sudler’s adaptive reuse of a 500,000-square-foot office building along the New Jersey Turnpike, which occupied the site for more than 25 years. In doing so, the firm has tapped into the unprecedented demand for industrial space in the Exit 8A submarket and around the state.
“I’m happy with the tenants and I’m happy with the whole scenario,” said Peter Sudler, CEO and president of the Chatham-based firm, later adding: “We have two beautiful buildings. It was a great validation of the industrial warehouse distribution market in New Jersey and at 8A.”
Jeffrey H. Hale, vice president of leasing with Sudler, represented the developer in-house. The Newmark Knight Frank team of Derek Meyers, Kyle Eaton and Peter Rossi represented RUGSUA, which sells rugs, furniture and home decor products direct-to-consumer and through websites such as Amazon, Wayfair and Overstock.
Chuck Fern of Cushman & Wakefield represented W.B. Mason.
Sudler has also torn down a 132,000-square-foot office building at 2 Corporate Place South in Piscataway, making way for a new 150,000-square-foot industrial facility that is preleased and under construction. The firm is considering a similar redevelopment of another one of its office buildings in the township, where the demand for industrial space has risen in recent years.