Transwestern Kicks Off $50M New York City-Area Project
- Oct 12, 2020
A joint venture between Transwestern and QuadReal Property Group has kicked off construction for Piscataway Logistics Center, a two-property industrial complex encompassing approximately 300,000 square feet in Piscataway, N.J. The development is slated for completion as early as next June.
The company estimates it will invest a total of $49.8 million in the project, according to a financial agreement filed with the Township of Piscataway. Additionally, the document states the project will create 100 construction jobs, during the development process, and 176 permanent jobs, upon completion.
The partnership acquired the 16-acre site at 330 S. Randolphville Road for $28.3 million in September from a private investor, according to Middlesex County records. Comerica Bank provided a $30.9 million acquisition and development loan for the project.
The property encompasses an existing 146,000-square-foot industrial building completed in 1969. The developer will implement a capital improvement plan on the warehouse and build a new, Class A facility spanning 151,748 square feet. The rear-load buildings will have 36-foot clear heights and a total of 39 dock-high doors.
The site is a short distance from Interstate 287, between the Route 287 West and I-95 Exit 10 industrial submarkets. As of the second quarter, these two submarkets had an inventory of 70.7 million square feet of logistics space with a vacancy rate of 2 percent, according to Transwestern data.
Additionally, the property is 4 miles from a 397,000-square-foot facility which traded for $59.5 million last November. SHI International acquired the asset from a partnership between Rockefeller Group and PCCP.