Transwestern Development Company (TDC) and its equity partner, QuadReal Property Group, announce the acquisition of a 16-acre site in an off-market transaction at 330 S. Randolphville Road in Piscataway, New Jersey, for the development of 300,000 s/f of industrial space in two buildings.
The project has broken ground and is expected to deliver in 2021.
“New Jersey’s industrial real estate market remains one of the healthiest in the country, driven by increased demand from e-commerce and traditional distribution users serving the greater New York metro,” said Brian Banaszynski, Regional Partner with TDC’s Logistics Group.
“The current environment will only intensify this trend, and we look forward to delivering a state-of-the-art project on a timely basis to relieve some of the pressure on modern distribution space.”
The project, called Piscataway Logistics Center, will feature high visibility and direct access to Interstate 287 at a full four-way interchange in a highly desired location between the Route 287 West and I-95 Exit 10 submarkets. Combined, these submarkets contain 70.7 million square feet of industrial real estate with a 2.0% vacancy rate as of second quarter, according to Transwestern research.
Located 40 miles from New York City, the site currently consists of a 146,000-square-foot warehouse with a 9-acre parking lot. Transwestern will fully renovate the existing building and construct a new Class A warehouse totaling 151,748 square feet. Both rear-load warehouses will offer 36-foot clear heights, a combined 39 dock doors, ample car and trailer parking, and a shared truck court depth of 115 feet.
At present, Transwestern has 40 industrial projects totaling 20 million square feet under construction or in pre-development planning stages nationwide, including 5 million square feet in the Northeast.
