PISCATAWAY, NJ — A newly constructed industrial asset at 1 Turner Place in Piscataway traded this week in a sale orchestrated by commercial real estate services firm Cushman & Wakefield. The offering drew strong investor interest, reflecting sustained demand for class A product in New Jersey’s Upper 287 submarket. Bentall Kennedy, on behalf of its institutional investor client, acquired the property from a partnership of LaSalle Investment Management and Greek Development.
Planned as a speculative development, the 452,000 s/f warehouse/distribution property was fully leased by Cascades mid-way through its construction. The tenant, a leader in the recovery and manufacture of green packaging and tissue products, subsequently invested approximately $80 million on building, infrastructure and manufacturing-related improvements. Cascades is North America’s sixth-largest producer of containerboard – an industry forecasted to grow 25% over the next six years in direct correlation to e-commerce expansion.