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Completed Industrial Sells for $43M

SOUTH BRUNSWICK, NJ-BlackRock's new 583,136-square-foot W/D facility went for a final sale price of $73 per square foot.

By Eric Peterson | Updated on January 07, 2009

SOUTH BRUNSWICK, NJ-In mid-year, partners JG Petrucci Co. and F. Greek Development started construction for the 583,136-square-foot Middlesex Intermodal Center and simultaneously agreed to sell the spec development to the New York-based BlackRock. Now, both the construction and the sale are done.

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.”

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