-Company to develop on former ExxonMobil site
MORRISTOWN, N.J. – August 20, 2019 – Rockefeller Group, a leading real estate developer, owner and operator, announced today that it has begun construction on Rockefeller Group 10Edison, a 900,022 square foot speculative distribution center in Edison, N.J. The distribution center will be located on 56 acres off Route 27 in Edison at a former ExxonMobil research lab and synthetics oil facility that operated from 1949-2016.
“Rockefeller Group is excited to be developing in Edison and bringing this facility to the Northern New Jersey market,” said Mikki Columbus, Associate Director, Real Estate Development for Rockefeller Group’s New Jersey/Pennsylvania Region. “The site provides immediate access to Route 287 and the New Jersey Turnpike.”
The cross-dock building features 40-foot clear ceiling heights, 150 dock doors, 464 auto-parking stalls and 206 trailer-parking stalls. This is Rockefeller Group’s second 40-foot clear distribution center in the market. In 2015, Rockefeller Group developed Cranbury Station Park with 40-foot ceilings, an increasingly attractive feature in modern industrial buildings.
“This project is one of the few industrial projects under construction of more than 750,000 square feet in New Jersey and is a rare combination of location and size,” said Mark Shearer, Senior Vice President & Regional Development Officer for Rockefeller Group’s New Jersey/Pennsylvania Region. “With great access to the port and 40-foot high ceilings, we feel 10Edison will be attractive to a variety of users.”
In 2017, Rockefeller Group acquired the 56-acre site and has worked closely with the town of Edison over the past two years on site improvements, zoning and infrastructure. “Rockefeller Group’s investment in Edison is another significant economic victory for our community. Redeveloping the former ExxonMobil plant will create many temporary construction jobs. It will ultimately generate more permanent local jobs at the new distribution center and it will increase Edison’s tax base,” Mayor Thomas Lankey said. “My administration continues to work diligently to strengthen Edison’s economic health.”
According to Thomas F. Monahan, Vice Chairman of CBRE, who is heading the leasing efforts for Rockefeller Group on the project along with CBRE’s Stephen D’Amato and Larry Schiffenhaus, there is strong demand in the Northern New Jersey market for buildings greater than 750,000 square feet. For Q2, the overall vacancy rate for the entire New Jersey industrial market fell to 3.0% with even greater compression to 2.1% for the 287/Edison New Jersey Turnpike Exit 10 submarket. “There continues to be scarcity of sizable assets greater than 700,000 square feet in the marketplace, especially along the New Jersey Turnpike corridor.”
Rockefeller Group expects the building to be completed in August 2020.
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