CHARLESTON, S.C. — US Industrial REIT III, an affiliate of USAA Real Estate Co., has acquired a 1.1 million-square-foot property in Charleston. The LEED Gold-certified, cross-docked Class A bulk distribution facility is situated on 124 acres at the Rockefeller Group-MeadWestvaco Foreign Trade Zone. The sellers were a joint venture consisting of The Rockefeller Group and MeadWestvaco Corp. Andrew Merin and Stewart Calhoun of Cushman & Wakefield, along with locally based Colliers Keenan, represented the seller in the transaction. The acquisition price was not disclosed.
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MIRAMAR, FLA. — General Services Administration (GSA) has acquired a 20-acre land parcel along the Interest 75 corridor in Miramar for $13.5 million. GSA plans to construct a 475,000-square-foot federal office complex on the property. The 20-acre site was part of a 40-acre land parcel owned by Rockefeller Group Development Corp.
FLORHAM, N.J. — Construction is advancing for the new North America headquarters of BASF. The 325,000-square-foot building is being built within The Green at Florham Park, a master-planned community located in Florham. The $100 million project will be complete in 2012 and will be applying for LEED-Platinum certification. Turner Construction Co. is providing construction management services. Rockefeller Group Development Corp. is the developer. At full build-out, The Green at Florham Park will contain 830,000 square feet of Class A office space as well as a hotel. Construction is also under way within the park for a new medical facility for Atlantic Sports Health Institute.
OCEANSIDE, CALIF. — Rockefeller Group Development Corp., a subsidiary of New York-based The Rockefeller Group, has completed the development of an 84,000-square-foot outpatient clinic for the U.S. Department of Veterans Affairs. The clinic is located within Seagate Corporate Center at 1300 Rancho Del Oro in Oceanside. The two-story facility features a back-up generator for emergency power and two MRI pads that accommodate the onsite mobile MRI units. San Diego-based Smith Consulting Architects provided architectural services; San Diego-based Raymond Fox & Associates provided medical architectural and interior design services; Reno Contracting of San Diego served as general contractor for the project. Additionally, Capital Partners Development Co. provided project development management; RBF Consulting served as civil and traffic engineers; and Ridge Landscape Architects provided landscape architectural services for the facility.
FLORHAM PARK, N.J. — BASF Corp. is the latest tenant to be announced for The Green at Florham Park, a 268-acre master-planned community in Florham Park. The chemical company will occupy a new 325,000-square-foot office building that is being developed for it by the community's master developer, Rockefeller Group Development Corp. The new building, which will serve as BASF's North American headquarters, will be constructed to LEED-Platinum specifications. Construction is expected to begin in July, with completion slated for mid-2012. BASF will join a roster of notable tenants. The first is Atlantic Health, which is developing a four-story, 100,000-square-foot sports medicine facility know as the Atlantic Sports Health Institute. The medical facility will be situated adjacent to the project's other major tenant, the New York Jets. The pro football team is constructing a 27-acre campus that will contain the team's headquarters facilities as well as a 120,000-square-foot training center. The complex will also contain the Renaissance ClubSport by Marriott, a 250-room hotel that will feature a high-end spa and a 75,000-square-foot sports club. Additional development planned for The Green at Florham Park will include a total of approximately 800,000 square feet of office space as well as a 425-unit senior …
SOCIAL CIRCLE, GA. — Rockefeller Group Development Corporation has completed a 1.5 million-square-foot distribution center in Social Circle, Georgia. The property is the largest LEED-Gold certified industrial building in the U.S. and second largest in the world. It was built for tenant General Mills. RGDC and General Mills originally sought LEED-Silver certification for the building, but the number of credits accrued in five green design categories exceeded the number of credits needed for LEED-Silver.? ?To qualify for LEED-Gold certification, the building was constructed with state-of-the-art green building practices and achieved the following benefits: • 48.9% reduction in water use with low-flow plumbing fixtures • Energy-efficient light fixtures, occupant sensors, high-efficiency HVAC systems, roof mounted up-blast exhaust fans and wall louvers account for a 50.2% more energy efficient performance over a typical industrial buildings • 33.88% of the materials used on the project were composed of pre-consumer and post-consumer recycled content • 77.2% of the construction waste was diverted from landfills (recycled) by sorting the materials and sending them to the appropriate recycling centers • 55.13% of the construction materials were extracted, processed or manufactured within 500 miles of the project site, helping bolster the local economy • Each area of …
TEJON RANCH, CALIF. — Tejon Ranch Co. and Rockefeller Group Development Corp. have broken ground for the construction of a second building at Tejon Industrial Complex, a 1,450-acre master-planned commercial development in Tejon Ranch. Part of the park’s 39-acre The Campus section, the 120,000-square-foot building is designed to serve the needs of manufacturers and smaller warehouse operators. Designed by Irvine, Calif.-based HPA, the facility is scheduled for completion by September 2008. Additionally, the partnership is currently constructing a 606,000-square-foot warehouse building on the site, which is set for completion in January 2008.
BERKELEY COUNTY, S.C. — A joint venture partnership between Rockefeller Group Development Corp. and MeadWestvaco Corp. will begin construction on a 1.1-million distribution center in the fourth quarter. Completion is slated for late next year. The warehouse will be located in the Rockefeller Group Foreign Trade Zone/Charleston near the interchange of Interstate 26 and Jedburg Road in Berkeley County. The tire company TBC Corp. will base its East Coast wholesale operations at the property. “We are excited about the opportunity to consolidate a portion of our distribution network to a new and larger facility in the Charleston area,” Erik Olsen, president of TBC, said in a press release. “The infrastructure and location of the Port of Charleston complements our growth and will allow us to meet the growing demands of our customers.” Access to the port will give TBC easy access to foreign suppliers, and the firm expects to bring thousands of containers through the port each year. The public/private effort involved participation from a number of government agencies in the Charleston area. Representatives from the state senate, the county government and the South Carolina Department of Commerce all assisted in getting TBC to the county. “From the state level …
OCEANSIDE, CALIF. — San Diego-based Reno Contracting is working toward a March completion of the 84,000-square-foot U.S. Department of Veteran Affairs outpatient clinic. The property will be located in the Seagate Corporate Center at 1300 Rancho Del Oro in Oceanside. Rockefeller Group Development Corp. is overseeing the build-to-suit project.
At the end of the second quarter, the total industrial square footage in Salt Lake City was more than 110.7 million with an available square footage of 7.6 million, creating a vacancy of 6.89 percent. Big box space in Salt Lake has a 7.29 percent vacancy rate, compared to 5.62 percent in second quarter 2008. Current lease rates are down 2.38 percent from the second quarter of 2008. The hardest hit industrial segment is in the 0 to 5,000-square-foot size increments, which experienced an 11.54 percent decrease in average rents from second quarter 2008. The market is down from the record years of 2007 and 2008, both in speculative development and leasing activity. Like most markets, vacancy rates climbed through the second quarter of 2009, with approximately 1.5 million square feet of existing product coming back to the market. However, the Salt Lake industrial market is in a strong position in the West; third quarter projections are strengthening. Reckitt Benckiser just broke ground on the 200-acre Phase I of Miller Sports Park Industrial Development, a $25 million, 650,000-square-foot distribution center. Another project to note is the planned groundbreaking by The Rockefeller Group on a 365,000-square-foot distribution center on a 71-acre …