Williams-Sonoma will occupy the space starting June 14, 2010, utilizing it as a distribution center to serve both its northeastern markets and international operations. The company is consolidating various distribution sites in the eastern US into this one facility.
Although IDI was not able to respond to requests by press time, a recent Cushman & Wakefield report found that Middlesex County industrial rents are running around $4.80.
Middlesex I, which will be fully occupied by the new tenant, represents the first completed building at Middlesex Center, which is planned to offer 2.5 million square feet in three buildings. The park is located at Exit 8A of the New Jersey Turnpike.
"This deal represents a clear endorsement of the strategic benefits associated with operating a distribution facility in New Jersey," says Frank Petkunas, senior vice president and regional development officer at IDI. "Deals of this magnitude are laden with a great number of economic, strategic and legal nuances, but we finally got this one done."
The deal comes on the heels of relocation announcements from both Dow Jones and Pfizer, who will move out of Middlesex Township later this year in what would total a loss of approximately 500 jobs and hundreds of thousands of dollars to the township, according to the North Brunswick Sentinel.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
