August 22, 2019 Comments Off on Rock Group Launches Big-Box Spec Build in Low-Vacancy NJ Corridor Views: 515 National News, New Jersey, Northeast

Rock Group Launches Big-Box Spec Build in Low-Vacancy NJ Corridor

Rockefeller Group has begun construction on Rockefeller Group 10Edison, a 900,022-square-foot speculative distribution center in Edison, NJ. It will be located on 56 acres off Route 27, at a former ExxonMobil research lab and synthetics oil facility.

“This project is one of the few industrial projects under construction of more than 750,000 square feet in New Jersey, and is a rare combination of location and size,” said Mark Shearer, regional development officer for Rockefeller Group’s New Jersey/Pennsylvania region.

Industrial vacancies in New Jersey declined to 3% during the second quarter, and compressed even further to 2.1% for the 287/Edison New Jersey Turnpike Exit 10 submarket. As a result, “There continues to be scarcity of sizable assets greater than 700,000 square feet in the marketplace, especially along the New Jersey Turnpike corridor,” said CBRE vice chairman Thomas F. Monahan.

Monahan will handle leasing, along with CBRE’s Stephen D’Amato and Larry Schiffenhaus.

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