MONROE TWP., NJ-Principal Real Estate Investors, which is currently constructing a 983,320-sf big-box distribution center on Cranbury-South River Road in the New Jersey Turnpike Exit 8A market here, has hired Cushman & Wakefield of NJ to find tenants. Slated for delivery in late 2007, the building sits on 56.6 acres and 36-foot ceilings. Interior office space will be built to suit.
"This property offers strong institutional ownership, and arguably the best location in terms of new development at Exit 8A," says Stan Danzig, who is pairing with Jules Nissim to head one of the two C&W teams marketing the asset. The other team is headed by the firm's Frank Caccavo and Jason Goldman.
"Currently, more than six users with requirements exceeding one million sf are looking for space locally," Danzig says. "The project will be up and ready by the end of the year, which puts us in a very good competitive position."
"The market is demanding bigger boxes," Caccavo says. "This has been common on the West Coast for some time and now is becoming more prominent here in the East. The decision of Principal to move forward with this project on a spec basis reflects confidence in both the product and the market.
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