Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CRANBURY, NJ-Kuehne + Nagel Inc., a Swiss-based logistics company, has signed a five-year lease for a total of 443,803 sf at 324 Half Acre Rd. within the Rockefeller Group FTZ/8A business park here. A joint venture of Rockefeller Group Development Corp. and IDI, the building is located within the NJ Turnpike Exit 8A submarket. The tenant will use the site for third-party W/D purposes.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.