On the market in its entirety, the building--on 44 acres--is fully prepared for occupancy. At the same time, the final sale price has been revealed by the Asbury, NJ-based JGPCO and the East Brunswick, NJ-based F. Greek as $42.5 million, which factors out to about $73 per square foot. The building is located at 140 Docks Corner Rd. near the intersection of Herrod Dr. in this township's Dayton section, in the New Jersey Turnpike Exit 8A submarket. The sale was arranged by brokers from the Florham Park, NJ office of Holliday Fenoglio Fowler, representing both sides.
"BlackRock was great to work with," says JGPCO president Jim Petrucci. "That greatly facilitated getting this building completed in a timely manner."
And with the building done, new owner BlackRock is pursuing LEED Silver certification for the asset. Basic features include 36-foot clear ceilings and rail access, and green features include a solar reflectance roof and a high-efficiency lighting package.
"It has a high solar reflectance roof," confirms Frank Greek, president of F. Greek, "and a lighting package that is designed to be 30% more efficient than metal halide. Its construction is estimated to be 17% more energy-efficient than standard construction, and potable water will be reduced by at least 40%. Construction cost for Middlesex Intermodal Center has not been released.
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