Rockefeller Group on Thursday said it sold Constitution Logistics Center, a 147,000-square-foot distribution center in Piscataway, to Bridge Industrial, a privately-owned, vertically integrated real estate operating company and investment manager.
Terms of the transaction were not disclosed.
Located at 10 Constitution Ave., the project is Rockefeller Group’s sixth industrial building developed in Piscataway in the past five years and adds to Bridge Industrial’s growing investment portfolio of New Jersey and New York distribution centers, where it currently owns over 14 million square feet across 35 buildings.
“We’d like to again thank the township of Piscataway for working with us so well on another project in the area, and look forward to continuing our relationship with the town as we look for future projects,” Heath Abramsohn, vice president and regional director for Rockefeller Group, said. “We would also like to thank Bridge Industrial, who was terrific to work with on this deal.”
“We are excited to announce our purchase of 10 Constitution from the Rockefeller Group. This acquisition is perfectly aligned with our business strategy to acquire quality industrial buildings in supply-constraint core markets,” Jeff Milanaik, partner, Northeast region, Bridge Industrial, said.
“The property has significant advantages; the combination of building size, ample trailer parking and dock-high loading will cater to a wide range of tenant requirements. It was a pleasure dealing with the team at Rockefeller, their professionalism and attention to detail allowed for a smooth transaction,” Stefan Sansone, director, acquisitions, Northeast region, Bridge Industrial, said.
The project is approximately one mile from Exits 6 and 7 off Interstate 287, providing access to Interstate 95 to the south and Interstates 78 and 80 to the north. Constitution Logistics Center includes 36-foot clear heights, 123 auto parking spaces, 57 trailer parking spaces, 41 loading docks and 3,000 square feet of move-in ready office space.
The KBC Advisors team of Marc Petrella and Michael Kimmel represented Rockefeller Group on the transaction. ARCO Construction was the general contractor.
