Rockefeller Group announced that it has signed a lease with Best Buy at its 228-acre site in Piscataway. The global real estate owner, developer and investor is developing the 2.2-million-square-foot, state-of-the-art Rockefeller Group Logistics Center there.
“We think that Best Buy made a great decision,” Piscataway Mayor Brian C. Wahler said. “We welcome Best Buy to Piscataway and we are excited for the increased economic activity in our community.”
Best Buy – now the first official tenant of the Logistics Center – will fully occupy a 725,000-square-foot building currently under construction. Through the opening of its new logistics facility, the omnichannel consumer electronics retailer anticipates that it will move more than 300 Best Buy and third-party jobs to Piscataway.
Best Buy plans to open the distribution center before the 2018 holiday shopping season. The facility will deliver major appliances and large-screen televisions to more than 90 Best Buy stores and directly to customers throughout New Jersey and parts of New York, Connecticut, Pennsylvania and Delaware. The facility will also provide customer service and support for repairs.
“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.”
“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.”
The Cushman & Wakefield team of Jules Nissim, Stan Danzig and Marc Petrella serves as the exclusive marketing and leasing agent for the development and represented Rockefeller Group in the transaction.
The master-planned Rockefeller Group Logistics Center will comprise six buildings upon its completion, ranging in size from 200,000 to more than 800,000 square feet. Representing a combination of speculative and build-to-suit opportunities, the properties can accommodate users with a wide variety of size and infrastructure requirements. The facilities also boast an advanced-functionality design that allows for future growth.
Nissim of Cushman & Wakefield commented: “Location absolutely remains key in New Jersey’s industrial market, and the Rockefeller Group Logistics Center provides Best Buy with a prime transportation-oriented location with access to the region’s major thoroughfares and robust labor pool. However, user requirements today go well beyond location. Best Buy was in search of a next-generation building that could support its continued growth, and that is exactly what the company committed to in Piscataway.”
Flexible transaction options allow for users to either lease or own space within the Rockefeller Group Logistics Center. Additional notable features and amenities include 40-foot building clear heights, excess trailer parking for each individual building, on-site rail service, two means of ingress and egress to the site, and an in-place 30-year PILOT agreement.Related Articles: