The deal was arranged for Kuehne + Nagel by Steven Pastor of CB Richard Ellis' New Jersey office, along with Bayne Porter and John Porter of the firm's Atlanta office. For RGDC and IDI, the transaction was handled by Stan Danzig and Jules Nissim of Cushman & Wakefield of NJ.
The signing leaves approximately 237,000 sf of the brand new 680,747-sf building still on the market. Besides the five-year term, further details of the Kuehne + Nagel signing were not released. The remaining availability at the site is currently listed on C&W's website with an asking price of $5.25 per sf.
Kuehne + Nagel will take occupancy in two stages, according to Pastor. The company, which has its US headquarters in Jersey City, will take over just more than 213,000 sf now, and will move into the remaining space in September.
As reported by GlobeSt.com, IDI and RGDC started construction of the building in early 2006 on a speculative basis and delivered it to market at the beginning of this year. Its 55-acre site is part of the former 115-acre campus that Dwight & Church inherited when it acquired Carter Wallace's consumer products division in 2001. Built for Carter Wallace in 1960, the campus had four buildings totaling 750,000 sf, which have been demolished, as well as a pad site for another 140,000 sf.
The remaining parts following the subdivision are under multiple ownership. As reported by GlobeSt.com, the JG Petrucci Co. of Asbury bought an existing on-site warehouse and the pad site in late 2005.
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