Piscataway, NJ – 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 square feet 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.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates real estate landmarks for itself, its partners and valued customers throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $5.6 billion.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.
About QuadReal
Headquartered in Vancouver, Canada, QuadReal Property Group is a global real estate investment, operating and development company. QuadReal manages the real estate and mortgage programs of British Columbia Investment Management Corporation (BCI), one of Canada’s largest asset managers with a $171.3 billion portfolio.
QuadReal manages a $44.2 billion portfolio spanning 23 Global Cities across 17 countries. The company seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here.
Media Contact:
Stefanie Lewis
713.272.1266
stefanie.lewis@transwestern.com
twmediarelations@transwestern.com
