CRANBURY, N.J. — A joint venture between The Rockefeller Group and Alfieri LLC is moving forward with one of the largest industrial real estate developments in New Jersey. The Cranbury Station Park will feature up to 1.24 million square feet of Class A warehouse and distribution space.
Developers broke ground on the 930,000-square-foot building that will anchor the site in May. The speculative building is situated on 120 acres off Cranbury Station Road in the Exit 8A submarket of New Jersey.
“The demand-side fundamentals are extremely strong in the Exit 8A submarket, and there are no other existing opportunities to lease a space of this size in the state, so we’re expecting strong interest ahead of completion,” says Clark Machemer, senior vice president and regional development officer for The Rockefeller Group’s New Jersey/Pennsylvania office.
The building plans incorporate a solar-ready roof, cross-dock loading and a loop road surrounding the entire building to maximize circulation. The 930,000-square-foot facility is slated for completion by the end of this year. An additional 310,000-square-foot building may then be constructed. The pad site for the 310,000-square-foot building could alternatively be used for trailer and car parking.
The project currently provides 200 trailer spaces, 292 auto spaces and 195 dock spaces. The building is also LEED Silver certified and has an ESFR sprinkler system.
“We have had significant interest in the building from a variety of industries, but the 40-foot clear height is particularly attractive to e-commerce tenants who would use the additional height for as many as three mezzanine levels,” says Michael Alfieri, president of Alfieri LLC.
The Cranbury Station Park is being developed on one of Exit 8A’s last large-block parcels of land. The location of property provides access to 100 million consumers within a one-day drive. Cranbury Township also provides the lowest taxes in the Exit 8A submarket and is only 35 miles from the port of New York and New Jersey, which handles over a third of the East Coast’s container volume, according to cranburrystationpark.com, the official website for the project.
Other recognizable brands that have major distribution facilities in the Exit 8A submarket include Pearson Education, The Home Depot, ConAgra, Crate & Barrel, FedEx, Costco, Williams Sonoma, Staples, Kellogg’s, Petco, Volkswagen, Ford, LG Electronics and L’Oreal.
Cushman & Wakefield is the leasing agent for the project.
The Rockefeller Group is a global real estate owner, developer and investment manager and has developed approximately 40 million square feet of commercial property. Alfieri is a leading real estate owner, developer and investment manager in New Jersey, New York and Florida.
To date, Alfieri has developed 5 million square feet of commercial properties and currently has 5 million square feet of commercial development in the pipeline.
— Christina Cannon