July 7, 2017
New York-based Rockefeller Group acquired a 228-acre industrial property in the Township of Piscataway, NJ from a partnership between Lincoln Equities Group and Real Capital Solutions. The site, which is fully-entitled for development of 2.4 million square feet of industrial distribution and light manufacturing space, was purchased for $57 million.
Rockefeller Group plans to break ground on two new buildings later this summer with an overall project cost between $225 and $250 million. The fully remediated property is located at 171 River Rd. off Interstate 287, roughly 40 miles southwest of New York City.
Lincoln and Real Capital acquired the brownfield site in 2014, which had been vacant since the 1960s. They developed a site plan and secured development rights to construct up to eight buildings ranging from 250,000 square feet to 700,000 square feet.
Cushman & Wakefield’s David Bernhaut represented the sellers.
For comments, questions or concerns, please contact Dennis Kaiser