A Nevada-based developer has started construction on a new 300,000-square-foot industrial building off the New Jersey Turnpike in South Brunswick.The firm, Dermody Properties, is partnering with AEW Capital Management in what will be called LogistiCenter Exit 8A, according to a news release. The project is scheduled to be complete in February.
Cushman & Wakefield brokers Jules Nissim and Marc Petrella are marketing the site to prospective tenants, the news release said.
The developers and township officials gathered Wednesday to break ground on the 308,276-square-foot project, which will have 36-foot-high ceilings, 66 car parking spaces and 59 trailer parking spaces.
“Investing in northern New Jersey is consistent with our strategy of developing modern facilities in strategic logistics markets,” Douglas A. Kiersey, Jr., president of Reno, Nev.-based Dermody Properties, said in a prepared statement. “Exit 8A provides quick access to the ports, greater New York and the entire tri-state area. It is perfectly situated in this highly sought-after market.”
AEW, an investment firm, is partnering in the development on behalf of AEW Partners VII, L.P., an opportunistic real estate fund.
ALSO ON NJBIZ:
Rutgers signs two biggest sponsorship deals in history
Off-the-grid power is gaining post-Sandy popularity
Report: Revel execs could get $1.75M in bonuses for selling casino