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Rockefeller Group Logistics Center. Image courtesy of Rockefeller Group
Glendale Warehouse and Distribution Co. has acquired Rockefeller Group Logistics Center, a 345,600-square-foot warehouse in Mount Holly, N.J. The Rockefeller Group sold the newly completed property for $83 million. Cushman & Wakefield assisted the buyer, while CBRE negotiated on behalf of the seller.
Rockefeller Group broke ground on the project in November 2021, after purchasing the 27.6-acre development site that September. Blue Rock Construction served as general contractor and Menlo Engineering as civil engineer.
Designed by KSS Architects, the Class A facility features a 36-foot clear height, 54 dock doors with two-drive-in doors, LED lighting and 4,000 square feet of office space. The property has 96 trailer spaces and 384 auto parking spots.
Located at 2575 Route 206 in Eastampton Township, the warehouse is approximately 8 miles from Exit 7 of the New Jersey Turnpike and 27 miles from downtown Philadelphia. The facility also has access to interstates 95, 195 and 295.
Executive Vice Chairman Chuck Fern with Cushman & Wakefield represented the buyer. The CBRE team assisting the seller included Vice Chairman Tom Monahan, Associate Gerard Monahan, Executive Vice Presidents Stephen D’Amato and Larry Schiffenhaus, Client Service Specialist Lauren Hageman and Ana Lazarides.
New Jersey industrial space in demand
In 2022, New Jersey had a transaction volume of $3.42 billion in industrial properties, according to a CommercialEdge report. Despite an increase in sale price for this asset type and rising interest rates which lead to a decrease in sales volume in the second half of the year, demand for space remained high. New Jersey had an 8.4 percent increase in rents over the last 12 months, at a vacancy rate of 2.6 percent.
In one of last year’s major transactions, Brookfield Properties acquired a newly developed Class A property in Jackson, N.J., totaling more than 1 million square feet. Cushman & Wakefield represented the seller, a partnership of Active Acquisitions and Stonecutter Capital, and procured the buyer.
As for 2023 deals, a significant one closed last month, when Hines paid $127 million for Newark Distribution Center, a 738,000-square-foot industrial portfolio in Newark, N.J. The property was formerly home to a brewery originally built in 1900.
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