One reason is that the newly acquired site is all cleared and prepped for development of up to one million sf of space. The pad site can accommodate up to 176 loading docks, up to 460 trailer parking spaces and as many as 417 parking spaces for cars, according to Eugene Preston, vice president-development of RGDC in the company's Mt. Olive, NJ office."It's a site we're excited about because it can hold a million-sf building," Preston tells GlobeSt.com. "It was a straight-forward sale. KOR had obtained all of the approvals, and had actually done all the site prep work. All of the utilities had been worked out through the town."
"We have been 'in project' for five years, going through assemblage, putting in the infrastructure, and so forth," Harry Kantor, KOR president/CEO tells GlobeSt.com."Harry Kantor was astute enough to go get it approved and create a pad site for a million sf," Danzig says. "We were able to bring Rock Center to the transaction because they're expanding their presence in New Jersey and it was a good opportunity for them."
And while it's too early to judge user interest in the site, much of the Central New Jersey industrial development activity, particularly W/D, has gravitated south along the New Jersey Turnpike as available land has dried up at Exit 8A.
"We would love to find one user," Preston says. "But multi-tenant is something we would consider. At some point we could also explore the possibility of building on a speculative basis, but we're not at that point right now. There's a number of users running around, and there's not that many million-sf sites, so hopefully we'll find a user for the whole building."RGDC and IDI, who have collaborated on a number of industrial projects, are also looking to get foreign-trade zone status for the entire Central Crossings Business Park. The intention is to extend their FTZ license for existing projects in Mt. Olive and Cranbury, NJ to the new site, according to Preston.
As for the rest of Central Crossings Business Park, the half-dozen sites are cleared for a total of 2.2 million sf of space. A 150,000-sf spec building on one of KOR's remaining sites will be the first structure.
"We're new to the industrial market as owner/operators, and we just thought it would be good to get it kickstarted," Kantor says. "Bringing in Rock Group, with its national presence and client relationships added a tremendous amount of credibility to the park."
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