Jones Lang LaSalle
JV Proposes 550,000-SF W/D Complex
By Eric Peterson
JERSEY CITY-Rockefeller Group Development and partner MC Realty are proposing to build a warehouse/distribution complex of upwards of 550,000 sf on a 40-acre site along this city’s border with the town of Secaucus. The site, acquired earlier this year by the two companies, is near the new Exit 15X of the New Jersey Turnpike and the Frank Lautenberg Train Station.
"New Jersey represents significant potential for growth in the industrial real estate market because of its proximity to major highways, ports and metropolitan areas," says Les Smith, EVP of development for the New York City-based RGDC. "RGDC and MC Realty intend to pursue joint ventures for other potential real estate development projects in the future."
The 40-acre site is unusual in that it is one of just a handful of undeveloped sites left in the Meadowlands market. The project, which will have foreign-trade zone status with that application process under way, is mapped out for either a single building of 525,000 sf, or two buildings totaling nearly 550,000 sf. Under the latter scenario, one building would be in the 400,000-sf range, the other approximately 145,000 sf. The partners are pursuing a build-to-suit opportunity for either lease or purchase, according to Smith.
"We are committed to investing in the development of quality industrial complexes in major US markets," says MC Realty president Hiroshi Matsumoto. "Given RGDC’s expertise and success in developing FTZs, we feel our joint venture will enhance that success." The Los Angeles-based MC Realty is a wholly owned subsidiary of Mitsubishi Corp., formed in 1994 to manage that company’s real estate investments. Mitsubishi Corp. is not related to Mitsubishi Estate Co. Ltd., parent company of the Rockefeller Group.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
JV Proposes 550,000-SF W/D Complex
By Eric Peterson
JERSEY CITY-Rockefeller Group Development and partner MC Realty are proposing to build a warehouse/distribution complex of upwards of 550,000 sf on a 40-acre site along this city’s border with the town of Secaucus. The site, acquired earlier this year by the two companies, is near the new Exit 15X of the New Jersey Turnpike and the Frank Lautenberg Train Station.
"New Jersey represents significant potential for growth in the industrial real estate market because of its proximity to major highways, ports and metropolitan areas," says Les Smith, EVP of development for the New York City-based RGDC. "RGDC and MC Realty intend to pursue joint ventures for other potential real estate development projects in the future."
The 40-acre site is unusual in that it is one of just a handful of undeveloped sites left in the Meadowlands market. The project, which will have foreign-trade zone status with that application process under way, is mapped out for either a single building of 525,000 sf, or two buildings totaling nearly 550,000 sf. Under the latter scenario, one building would be in the 400,000-sf range, the other approximately 145,000 sf. The partners are pursuing a build-to-suit opportunity for either lease or purchase, according to Smith.
"We are committed to investing in the development of quality industrial complexes in major US markets," says MC Realty president Hiroshi Matsumoto. "Given RGDC’s expertise and success in developing FTZs, we feel our joint venture will enhance that success." The Los Angeles-based MC Realty is a wholly owned subsidiary of Mitsubishi Corp., formed in 1994 to manage that company’s real estate investments. Mitsubishi Corp. is not related to Mitsubishi Estate Co. Ltd., parent company of the Rockefeller Group.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 12:14 PM
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