Sale closes on new 680,000-square-foot facility

Asset located in New Jersey's Exit 8A submarket

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Rockefeller Group Development Corp. and IDI have sold a newly constructed, 680,000-square-foot distribution facility in Cranbury, N.J., for an undisclosed price. San Antonio, Texas-based US Industrial REIT II purchased the class A property located at 324 Half Acre Road, which features cross docking and 36-foot clear ceilings. Logistics company Kuehne & Nagel Inc. has already leased 443,803 square feet at the property, which left 237,000 square feet vacant at the time of sale. The property's original incarnation housed a pharmaceutical and consumer products company, but was redeveloped into modern distribution space last year. ...