PISCATAWAY, NJ—Rockefeller Group has acquired a 228-acre land parcel in Piscataway, NJ, from the partnership of Lincoln Equities Group and Real Capital Solutions for $57 million. Rockefeller Group will develop the former brownfield site, a fully remediated property off Interstate 287, for a 2.2-million-square-foot, state-of-the-art facility dubbed the Rockefeller Group Logistics Center.
“The markets moved considerably and improved, and our capital partner and ourselves decided it was an opportune time to exit,” Joel Bergstein, president, Lincoln Equities Group, tells GlobeSt.com. “The demand has driven pricing, you've had increases of nearly 20 percent in rental rates for existing buildings, and I think the demand for state-of-the-art newly constructed buildings will be even stronger, and pricing will be stronger.”
Rockefeller Group has selected Cushman & Wakefield as the exclusive marketing agent for the Logistics Center, which will include six buildings, representing a combination of speculative and build-to-suit opportunities. The Cushman & Wakefield team of Jules Nissim, Stan Danzig and Marc Petrella will manage the assignment.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
