TIAA-CREF Buys 233,000-SF Industrial Bldg.

CRANBURY, NJ-Rockefeller Group Development Corp. has signed an agreement to sell an under-construction, 232,886-sf industrial building here to TIAA-CREF, the New York-based financial services firm. The pick-up is an investment buy for TIAA-CREF.

Construction on the asset is about half finished, according to Eugene A. Preston, senior vice president of development for RGDC. Located on a 25-acre site along 260 Prospect Plains Rd., the building is within the seller’s 240-acre Rockefeller Group Foreign Trade Zone/8A industrial park. The site is near Exit 8A of the New Jersey Turnpike, which lends its designation to one of the country’s solidest industrial submarkets.

The buyer was represented by Paul Torosian and Karen Iman of Trammell Crow Co. Stan Danzig and Jules Nissim of Cushman & Wakefield of New Jersey represented the seller. Details of the transaction, including the purchase price, were not disclosed. However, various industry sources estimate that the building traded for between $12 million and $15 million.