CRANBURY, NJ-Rockefeller Group Development Corp. has signed an agreement to sell an under-construction, 232,886-sf industrial building here to TIAA-CREF, the New York-based financial services firm. The pick-up is an investment buy for TIAA-CREF.

Construction on the asset is about half finished, according to Eugene A. Preston, senior vice president of development for RGDC. Located on a 25-acre site along 260 Prospect Plains Rd., the building is within the seller’s 240-acre Rockefeller Group Foreign Trade Zone/8A industrial park. The site is near Exit 8A of the New Jersey Turnpike, which lends its designation to one of the country’s solidest industrial submarkets.

The buyer was represented by Paul Torosian and Karen Iman of Trammell Crow Co. Stan Danzig and Jules Nissim of Cushman & Wakefield of New Jersey represented the seller. Details of the transaction, including the purchase price, were not disclosed. However, various industry sources estimate that the building traded for between $12 million and $15 million.

The building itself is on the market for lease, and is expected to be completed and ready for occupancy by April. Corporate neighbors include Pearson Education and Crate and Barrel, both of which have major warehouse and distribution centers nearby.

Rockefeller Group FTZ/8A itself is projected to have more than three million sf of mostly W/D at build-out, with tenants eligible for federal foreign-trade zone benefits relating to reduced duties and other business incentives. The park is part of a larger plan by RGDC to have more than six million sf of industrial space along the New Jersey Turnpike corridor between New York and Philadelphia.

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