Rockefeller Group and a joint venture partner, PCCP LLC, have sold two newly completed buildings in a planned 2.1 million-square-foot logistics park in Piscataway, including a 725,000-square-foot distribution center for Best Buy.
Commercial real estate faces no shortage of disruptive forces, a panel of industry leaders told NAIOP New Jersey last week, citing everything from ridesharing services and automation to changing corporate and consumer preferences.
Rockefeller Group and PCCP LLC have filled a second building at their planned 2.1 million-square-foot industrial park in Piscataway, signing a 155,000-square-foot lease with a maker of ductless heating and cooling products.
Rockefeller Group has named a new leader of its development team in New Jersey and Pennsylvania, tapping a former Prologis market officer to fill the role.
Rockefeller Group has attracted another tenant to its new logistics park in Piscataway, securing a 155,000-square-foot lease with a maker of office furniture and products.
With a limited supply and an increasingly savvy approach to logistics, tenants are pushing the historical boundaries of the New Jersey industrial market and expanding not only westward, but to the southernmost parts of the state and to the east to New York City. As occupiers explore these new frontiers, developers and brokers in New Jersey are following suit with a more regional approach to the warehouse and distribution sector.
Clark Machemer, a prominent New Jersey development executive, has joined Crow Holdings Industrial to lead the firm’s newly established office in the Northeast.
State officials are weighing their options for modernizing the Department of Community Affairs, Lt. Gov. Sheila Oliver said last week, from electronic permitting to the potential to allow municipalities to privatize code enforcement. Far less certain is how they will tackle more high-profile issues such as affordable housing, shared services and the tax credit programs that have fueled development in recent years.
The Morris County Economic Development Corp. recently hosted its 26th annual Partners in Economic Development Awards Luncheon, in an event that recognized several high-profile real estate deals in the county from the past year.
Making a pitch for Amazon’s second headquarters achieved two very important goals for Trenton: Not only did the city submit a competitive, coordinated bid for Amazon HQ2 — a feat that may have seemed unlikely in past years — but it created a blueprint for showing its vast potential as a vibrant, mixed-use destination for other large corporations.