4A — October 30 - November 12, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

ISCATAWAY, NJ — Transwestern De- velopment Compa- Two-building development slated for completion in 2021 Transwestern breaks ground on 300,000 s/f speculative industrial project in Piscataway, NJ P

ny (TDC) and its equi- ty partner, QuadReal Prope r t y Group , an- nounce the acquisition of a 16-acre site in an off-

Brian Banaszynski

market transaction at 330 S. Randolphville Rd. in Piscat- away, for the development of 300,000 s/f of industrial space in two buildings. The project has broken ground and is

330 S. Randolphville Rd. in Piscataway

330 S. Randolphville Rd. rendering

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 part- ner with TDC’s Logistics Group. “The current environ- ment will only intensify this trend, and we look forward to delivering a state-of-the-art project on a timely basis to re- lieve some of the pressure on modern distribution space.” The project, called Piscat- away Logistics Center, will feature high visibility and direct access to I-287 at a full four-way interchange in a highly desired location between the Rte. 287 West and I-95 Exit 10 submarkets. Combined, these submarkets contain 70.7 million s/f of industrial real estate with a 2.0% vacancy rate as of second quarter, according to Transwestern research. Located 40 miles fromNew York City, the site currently consists of a 146,000 s/f ware- house with a 9-acre parking lot. Transwestern will fully renovate the existing build- ing and construct a new class A warehouse totaling 151,748 s/f. 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 plan- ning stages nationwide, including 5 million s/f in the Northeast. MAREJ

Made with FlippingBook Online newsletter