Real Estate Journal — January 26 - February 8, 2018 — 3A
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M id A tlantic R eal E state J ournal Cushman & Wakefield team of Nissim, Danzig and Petrella represent owner Best Buy leases 725,000 s/f building at Rockefeller Group Logistics Center
P ISCATAWAY, NJ — Rockefeller Group has signed a lease with Best Buy at its 228-acre site in Pis- cataway. The global real estate owner, developer and investor is developing the 2.2-million s/f, state-of-the-art Rockefeller Group Logistics Center. Best Buy – now the first of- ficial tenant of the Logistics Center will fully occupy a 725,000 s/f building currently under construction. Through the opening of its new logis- tics facility, the omnichannel consumer electronics retailer anticipates that it will move more than 300 Best Buy and third-party jobs to Piscataway. Best Buy plans to open the distribution center before the 2018 holiday shopping season. The facility will deliver major appliances and large-screen televisions to more than 90 Best Buy stores and directly to customers throughout NJ and parts of NY, CT, PA and DE. “Signing a lease with a high- caliber company like Best Buy at the Rockefeller Group Logistics Center validates our vision for the master-planned development as one of NJ’s largest and most sought-after distribution hubs,” said Clark Machemer, senior VP and regional development officer for Rockefeller Group's NJ/PA operations. above the inflation rate and lower than the Fed would like. Going forward, we think wage growth will be lackluster as mature recoveries typically add low-paying secondary jobs rather than core positions like professional and business ser- vices. The caveat to this is lower corporate taxes, which could lead to a rebirth in industries that had been dying on the vine for the past several years. Manufacturing, for example, added 10 percent of the jobs created last year. Changes to NAFTA could push even more auto manufacturing jobs north of the border, and lower corporate taxes could encour- age some companies to retain or bring back jobs that have been outsourced. Regardless, we do not think this activity will be sufficient to generate GDP growth above 3 percent for 2018. Steve Hovland is director of research and Communi- cations at HomeUnion. n continued from page 2A American Work- force Not Yet . . .
The Cushman & Wakefield team of Jules Nissim, Stan Danzig and Marc Petrella serves as the marketing and leasing agent for the develop- ment and represented Rock- efeller Group in the transac- tion. The master-planned Rock- efeller Group Logistics Center will comprise six buildings upon its completion, rang- ing in size from 200,000 to more than 800,000 s/f. Rep- resenting a combination of speculative and build-to-suit opportunities, the properties can accommodate users with a wide variety of size and infrastructure requirements.
The facilities also boast an advanced-functionality design that allows for future growth. Nissimof Cushman&Wake- field said: “Location absolutely remains key in NJ’s industrial market, and the Rockefeller Group Logistics Center pro- vides Best Buy with a prime transportation-oriented loca- tion with access to the region’s major thoroughfares and ro- bust labor pool. However, user requirements today go well beyond location. Best Buy was in search of a next-generation building that could support its continued growth, and that is exactly what the company committed to in Piscataway.” n
Rockefeller Group Logistics Center
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