X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CRANBURY, NJ-Co-developers Rockefeller Group Development Corp. and IDI have sold their newly constructed 680,000-sf W/D facility at 324 Half Acre Rd. here. The buyer was the San Antonio-based USAA Real Estate Co.’s US Industrial REIT II. The sale price was not released.

“The building represents the next generation for the Exit 8A industrial market,” says Stan Danzig of Cushman & Wakefield’s East Rutherford office, who co-brokered the deal with colleague Jules Nissim and the firm’s Metropolitan Area Capital Markets Group. “In its heyday, the original Carter Wallace campus was a major force in the pharmaceutical and consumer products market.

“It was one of the first major industrial developments in the Exit 8A market,” Danzig says. “Today, it is among the first industrial sites to be redeveloped into modern, state-of-the-art distribution space.”

Originally a research and manufacturing campus for Carter Wallace, the overall 115-acre site became the property of Church & Dwight in 2000 when that company bought Carter Wallace’s consumer products division. Church & Dwight put it on the market as surplus property in 2002, subsequently selling a 55-acre parcel to RGDC. Two other parcels were sold to the J.G. Petrucci Co., and a fourth remains in Church & Dwight’s hands, utilized as a research center. Both Danzig and Nissim brokered the multiple sales

RGDC and new partner IDI started construction for 324 Half Acre Rd. in early 2006 on the 55-acre parcel, after demolishing obsolete lab, office and manufacturing buildings, and in 2007 signed logistics company Kuehne & Nagel Inc. to a lease for 443,803 sf. The 237,000-sf balance remains available. With FTZ status and visibility from the NJ Turnpike, that space is currently listed with an asking price of $5.25 per sf.

“The building not only attracted a major international tenant, but also a reputable new owner whose move into the Exit 8A market reflects the region’s continued appeal for investors,” Nissim says. “It’s gratifying to see the property succeed in its second iteration.”

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.