Adding Almost a Million Square Feet to NJ Warehouse Pool

CRANBURY, NJ—A joint venture partnership of The Rockefeller Group and Alfieri is moving ahead with one of the largest industrial real estate developments in New Jersey and has named Cushman & Wakefield as leasing agent for the project. Located in the Exit 8A submarket, Cranbury Station Park will have up to 1.24 million square feet of Class A warehouse/distribution space.

“I think what’s great about New Jersey is that a high percentage of the warehouse space, approaching 95 percent, is leased,” Clark Machemer, senior vice president and regional development officer for The Rockefeller Group’s New Jersey/Pennsylvania office tells GlobeSt.com exclusively. “We’re not looking at large vacancies in the industrial market, and I would say that over the past 10-15 years there are subtle changes in the design of these buildings that gravitate to the users out there.”