Piscataway logistics park sale is latest North Jersey industrial trade

April 09, 2019 04:48PM

Frankfurt-based DWS Group, an asset management spinoff from German financial services giant Deutsche Bank, agreed last week to acquire a fully-leased distribution space in Piscataway for an undisclosed sum, according to Commercial Property Executive. The 2.1 million-square-foot Rockefeller Logistics Center includes a 725,000-square-foot building at 300 Ridge Road that is preleased to electronics retailer Best Buy and a 311,000-square-foot industrial center at 100 Ridge Road leased to Fujitsu General America and office supply company Humanscale. The two newly completed industrial properties were sold by the Rockefeller Group and joint venture partner Pacific Coast Capital Partners. Cushman & Wakefield’s Gary Gabriel represented the joint venture alongside Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Ryan Larkin. In a separate analysis, Cushman & Wakefield noted that industrial rents in North Jersey have increased to an average of $8.78 per-square-foot, a 6.9 percent increase year-over-year. NJBiz reported last week on Camber Real Estate and Advance Realty Investors buying a three-building industrial portfolio in Mahwah, a deal that reportedly included $31.2 million in acquisition financing from People’s United Bank. GlobeSt reported on the $19.75 million sale of the former Regina Vacuum Building in Rahwah, as well as the $16.5 million sale of an industrial building in Jersey City to Simi Capital and the Criterion Group. CPE also recently noted the $8.5 million sale of an industrial building in Hamilton to the Black Creek Group, while Penwood Real Estate Investment Management paid $7.77 million for an industrial warehouse in Carlstadt. The Real Deal reported in February on New Jersey’s robust industrial market. [CPE]