MAYOR JOHN E. McCORMAC, PRINCIPAL REAL ESTATE INVESTORS AND CBRE BREAK GROUND ON 242,296-SQUARE-FOOT INDUSTRIAL BUILDING IN AVENEL
Developer Designates CBRE as Exclusive Leasing Agent for Transport Commercial Center, a State-of-the Art Distribution Facility
AVENEL, N.J. (Sept. 26, 2017) – Principal Real Estate Investors today broke ground on the Transport Commerce Center, a high-efficiency, state-of-the-art distribution facility located at 1400 Randolph Avenue in the Avenel section of Woodbridge Township.
Senior representatives from Principal were joined at the groundbreaking by Mayor John E. McCormac, along with members of the Township Council and other local dignitaries. The developer has designated CBRE to serve as the exclusive leasing and marketing agent for the property. The CBRE leasing team includes Mindy Lissner, William Waxman, Steven Beyda, Kevin Dudley, Robert Pine and David Gheriani.
Transport Commerce Center is located in Middlesex County, just west of Exit 12 on the New Jersey Turnpike and immediately east of Routes 1 and 9.
“Transport Commerce Center is designed with efficiency and flexibility in mind,” said Rob Klinkner, Managing Director at Principal Real Estate Investors. “Furthermore, the center’s location is superb, offering direct access to the New Jersey Turnpike and to the key New Jersey ports. As the industrial market in New Jersey continues to tighten, we expect to see significant demand for the well-located product that we’re building.”
Mindy Lissner, Executive Vice President with CBRE, added: “This new distribution facility is situated in the heart of one of the world’s most lucrative consumer markets. It’s ideally suited for end-users with a regional, national or global base of operations.”
“Today’s groundbreaking represents yet another milestone toward achieving our goal that Woodbridge Township remains the center of commercial development in Central New Jersey,”
Mayor John E. McCormac said. “The 1400 Randolph Avenue warehouse development stands as the first phase of a significant redevelopment project that transforms a former abandoned industrial site into a productive commercially successful warehouse and distribution facility. It is important to note that this development would not have been possible without the partnership commitment of Principal Real Estate Investors, CBRE and the Woodbridge Township Redevelopment Agency.” With a 36-foot clear height, Transport Commerce Center will be built with insulated pre-cast concrete panel construction. It will feature up to 108 spaces for car parking and up to 43 spaces for trailer parking. The modern warehouse will offer 40 9-foot-by-10-foot dock doors and two 12-foot by-16-foot drive-ins. The facility is designed with 54-foot-by-54-foot column spacing with 60-foot speed bays.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us. About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $74.7 billion in commercial real estate assets1. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
#