Real Estate Journal — Central New Jersey — November 11 - 24, 2016 — 13B
www.marejournal.com
M id A tlantic
C entral N ew J ersey
Largest example of growing trend for adaptive re-use of suburban office Sudler companies demolishes office building to make way for 757,000 s/f of warehouse space C
RANBURY, NJ — The Sudler Compa- nies is demolishing a 500,000 s/f office building that was once headquarters to major insurance companies in a move that signals evolv- ing economic direction in New Jersey. Cranbury Mayor Dan Mulli- gan, III, Senator Linda Green- stein, and Cranbury Commit- tee Member David Cook joined Peter Sudler , president and CEO of The Sudler Company at the site at Prospect Plains Road this week to witness the controlled collapse that signifies the changeover of the property to a warehouse facility. “Cranbury’s exceptional performance as a warehouse location is built on its inherent transportation advantages, but it also is the center for the reinvention of the shipping industry,” said Cranbury’s Mayor Dan Mulligan, III. “The Panama Canal expansion and Turnpike improvements inspired developer such as Sudler Companies to creative- ly redevelop properties so this is a very exciting time.” “Even after significant at- tempts to sustain the property as an office use, we recognized that the office market is pivot- ing to the urban trend,” said Peter Sudler . “Warehouse is in stronger demand than ever, and logistics patterns and e-commerce continue to em- phasize the New Jersey Turn- pike’s Exit 8A market which serves ports fromPhiladelphia to New York/New Jersey. “Sudler has been known as a premier industrial real estate company for more than 100 years. We are not the first to tear down one use in favor of the other; but this is the most significant adaptive re-use project converting office use into a warehouse/distribution that we know of.” Built speculatively, Sudler expects to deliver 416,300 and 341,200 s/f buildings on its 70 acre site at Prospect Plains Road in Cranbury, NJ at Corporate Park Cranbury where Sudler owns 1.1 mil- lion s/f of prime warehouse product. It recently leased two smaller speculative warehouse buildings in Lakewood almost completely before construction was completed. “Cranbury is a prime ex- ample of adaptive reuse of a former suburban office com-
plex conversion to warehouse and distribution,” said Sudler, “Our business model is to al- ways be cognizant of trends and adjust to the needs of the next wave of users, in this case e-commerce is substantially changing the distribution model.” Located just off exit 8A of the New Jersey Turnpike/I95 midway between Philadelphia and New York City. Both buildings offer state-of-the-art facilities and close proximity to major highways and ports, and home to many leading corporations and distributors
Peter Sudler of The Sudler Co. is joined by local and state officials to witness part of the controlled col- lapse of its 500,000 s/f office build- ing at 280-286 Prospect Park Rd. in Cranbury to make room for two warehouses equaling 416,300 and 341,200 square feet. From Left to Right: Cranbury Committee Mem- ber David Cook, Senator Linda Greenstein, Peter Sudler, Cran- bury Mayor Dan Mulligan, III. Both buildings will be con- structed with tilt up construc- tion with an expected comple- tion date in 2018. n
Corporate Park Cranbury Cranbury, NJ
Location: New Jersey Turnpike, Exit 8A
A 225 acre mixed-use development planned to encompass 2.1 million SF. Tenants include Tommy Hilfiger USA and Ford Motor Company.
Current Availabilities Include: 4,000 SF Professional Office Space 443,421 SF Warehouse/Flex Space 42 Acres Build-to-Suit
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