Rockefeller Group sold the recently completed, 345,600-square-foot Rockefeller Group Logistics Center Eastampton, located on Route 206 in Burlington County.
According to a Feb. 8 announcement from the New York-based developer, owner and operator, Glendale Warehouse and Distribution Corp. purchased the 27.64-acre property for $83 million.
Rockefeller Group said it acquired the property in 2021.
According to the firm, the new owner will use the space – located approximately 8 miles from Exit 7 of the New Jersey Turnpike – for the distribution of spices and other food grade products. Glendale will employ approximately 30 workers at the facility, many who will move from the company’s Middlesex County locations.
“Rockefeller Group is pleased to complete and sell our industrial distribution center in Eastampton, which drew significant interest from both local and national users during the construction of the core and shell,” said Zac Csik, vice president, Rockefeller Group NJ/PA Development, in a statement. “It was a pleasure working with Glendale, a user-buyer who was excited to be purchasing a new, Class A distribution center in one of New Jersey’s fastest growing industrial markets – Burlington County.”
At the end of 2022, Burlington County posted a 4.1% vacancy rate, according to JLL’s Fourth Quarter Industrial Insights report. Statewide, low vacancies have prompted some of the highest levels of activity in the sector ever when it comes to construction. With 28.7 million square feet actively under development, according to the report, approximately 7 million square feet of that total is at work in Burlington County.
The buyer and seller worked closely to complete the building in a way that would meet the strict food safety requirements and operational needs of the Edison-based distributor.
“Glendale is excited to be moving into our new, state-of-the art distribution center in Eastampton as we continue to expand our business in New Jersey,” said Glendale President Frank Collette in a statement. “With this new facility, developed by a terrific partner in Rockefeller Group, we are consolidating operations from multiple buildings in Edison to this larger building and will be able to better serve our customers and utilize multiple ports of entry for our imported products.”
According to the company’s website, it currently has four locations in Edison and one in East Brunswick.
Cushman and Wakefield Executive Vice Chair Chuck Fern represented the buyer and the CBRE team of Vice Chairman Tom Monahan, Associate Gerard Monahan, Executive Vice President Stephen D’Amato, Executive Vice President Larry Schiffenhaus, Client Services Specialist Lauren Hageman and Client Services Team Lead Ana Lazarides served as the exclusive agent for the seller.
Blue Rock Construction was the general contractor, Menlo Engineering was the civil engineer and KSS Architects designed the building, Rockefeller Group said.d