Best Buy has signed a deal with Rockefeller Group to lease a 725,000-square-foot industrial location in Piscataway.
It is the first tenant in Rockefeller’s 2.2 million-square-foot property it plans to develop into a logistics hub.
“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 New Jersey’s largest and most sought-after distribution hubs,” said Clark Machemer, senior vice president and regional development officer for Rockefeller Group’s New Jersey/Pennsylvania operations. “Furthermore, the company’s decision to take space in Piscataway is a testament to the market’s recognition of the Interstate 287 corridor as the next frontier for well-located industrial development in the state.”
Best Buy has said it anticipates it will move 300 jobs to Piscataway through the deal, and plans to open before the 2018 holiday shopping season.
“We’re excited to expand our supply chain capabilities with this new, larger distribution center,” said Jeff Shelman, Best Buy spokesman. “With the growth of our appliance business and our strong market share position in home theater, this facility will help us serve our customers more effectively and more efficiently.”
Jules Nissim, Stan Danzig and Marc Petrella of Cushman & Wakefield served as the exclusive marketing and leasing agent for the development and represented Rockefeller Group in the transaction.
