Jones Lang LaSalle
Work Starts for 680,000-SF Spec W/D Facility
By Eric Peterson
Last updated: January 19, 2006 08:31am
(To read more on the industrial market, click here.)
CRANBURY, NJ-Site work is just under way on a 55-acre parcel that will host a new 680,000-sf warehousing/distribution facility in the NJ Turnpike Exit 8A market. The parcel is part of the former 115-acre campus that Dwight & Church inherited when it acquired Carter Wallace’s consumer products division in 2001. The spec project is being done as a joint venture by Rockefeller Group Development Corp. and IDI, and is expected to be delivered by the end of 2006, according to Clark Machemer, RGDC’s director of real estate development.
The start of work culminates a five-year process and a series of complicated transactions beginning in 2000 when Stan Danzig and Jules Nissim of Cushman & Wakefield of NJ, East Rutherford, picked up the assignment to dispose of Church & Dwight’s surplus real estate. Built for Carter Wallace in 1960, the 115-acre site had four buildings totaling 750,000 sf and a pad site for another 140,000 sf.
In 2002, RGDC and IDI won a bid process with a master plan calling for the existing buildings to be demolished and replaced by two million sf of W/D space, according to Danzig. Contamination of a portion of the site delayed the development process until the site was subdivided into four parts, as proposed by C&W, and a second site plan was approved by local officials. And last fall, in a transaction brokered by C&W, the JG Petrucci Co. of Asbury bought an existing on-site warehouse and the pad site.
“The solution balanced the economic interests of both Church & Dwight, which derived revenues from the combined parcels to justify the sale and saved relocation costs, and RGDC, which achieved enough critical mass from the acquisition to make the project feasible,” Machemer says. The start of work on the new spec warehouse, which has foreign-trade zone status and Turnpike visibility, “ushers in a new chapter for the 8A submarket from new development to redevelopment,” Danzig adds. “Many people still think of 8A as a land of opportunity for ground-up development. But very little raw land is left that is not already developed or controlled.
“This campus was a major force in the pharmaceutical and consumer products industry,” he says. “It was also one of the first major industrial developments in the 8A market. But while it remained a prime site, it had become an eyesore.”
Work Starts for 680,000-SF Spec W/D Facility
By Eric Peterson
Last updated: January 19, 2006 08:31am
(To read more on the industrial market, click here.)
CRANBURY, NJ-Site work is just under way on a 55-acre parcel that will host a new 680,000-sf warehousing/distribution facility in the NJ Turnpike Exit 8A market. The parcel is part of the former 115-acre campus that Dwight & Church inherited when it acquired Carter Wallace’s consumer products division in 2001. The spec project is being done as a joint venture by Rockefeller Group Development Corp. and IDI, and is expected to be delivered by the end of 2006, according to Clark Machemer, RGDC’s director of real estate development.
The start of work culminates a five-year process and a series of complicated transactions beginning in 2000 when Stan Danzig and Jules Nissim of Cushman & Wakefield of NJ, East Rutherford, picked up the assignment to dispose of Church & Dwight’s surplus real estate. Built for Carter Wallace in 1960, the 115-acre site had four buildings totaling 750,000 sf and a pad site for another 140,000 sf.
In 2002, RGDC and IDI won a bid process with a master plan calling for the existing buildings to be demolished and replaced by two million sf of W/D space, according to Danzig. Contamination of a portion of the site delayed the development process until the site was subdivided into four parts, as proposed by C&W, and a second site plan was approved by local officials. And last fall, in a transaction brokered by C&W, the JG Petrucci Co. of Asbury bought an existing on-site warehouse and the pad site.
“The solution balanced the economic interests of both Church & Dwight, which derived revenues from the combined parcels to justify the sale and saved relocation costs, and RGDC, which achieved enough critical mass from the acquisition to make the project feasible,” Machemer says. The start of work on the new spec warehouse, which has foreign-trade zone status and Turnpike visibility, “ushers in a new chapter for the 8A submarket from new development to redevelopment,” Danzig adds. “Many people still think of 8A as a land of opportunity for ground-up development. But very little raw land is left that is not already developed or controlled.
“This campus was a major force in the pharmaceutical and consumer products industry,” he says. “It was also one of the first major industrial developments in the 8A market. But while it remained a prime site, it had become an eyesore.”
posted by Jones Lang LaSalle NJ News Blog at 11:42 AM
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