Rockefeller Group Development Corporation and MC Realty
Enter Into Joint Ventures on Chicago, New Jersey Properties
RGDC to Develop its First Property in Illinois, Continues Its Focus on New Jersey
New York, NY, February 1, 2006 — Rockefeller Group Development Corporation (RGDC) and MC Realty, Inc. have acquired two properties as part of a joint venture agreement. The two properties, an 80-acre industrial site just off Interstate 80 in Minooka, Illinois, and a 40-acre park located in the New Jersey Meadowlands at Exit 15X of the New Jersey Turnpike. Both sites will be developed by RGDC. The Minooka site can accommodate an industrial facility of more than one million square feet and the Meadowlands site, which will have Foreign Trade Zone status, can handle a single or multiple warehouse/distribution buildings totaling over 550,000 square feet.
“Rockefeller Group Development Corporation is very excited to be partnering with MC Realty on the purchase of these two sites,” said Les Smith, executive vice president of Development for RGDC. “Both the greater Chicago area and New Jersey represent significant potential for growth in the industrial real estate market because of their proximity to major highways and metropolitan areas.” The companies intend to pursue joint ventures for other potential real estate development projects in the future.
“MC Realty is committed to investing in the development of quality industrial complexes in major US markets,” said the company's president, Hiroshi Matsumoto. “We have a track record for success, having invested in industrial properties in Texas, Florida, Arizona, and Illinois. Given RGDC's expertise in developing FTZs for major distribution clients, we're confident that our joint venture will enhance that success, and we look forward to working with RGDC in the future.”
Minooka, Illinois
Located within minutes of the four-way interchange at Ridge Road and I-80, the Minooka site is zoned and annexed and planned for a 1,365,000 square foot distribution facility that has 32 feet of clear height and is divisible to 300,000 square feet. The building is designed for users with flexibility in mind, specifically, up to 387 trailer spots, 313 dock positions and 500-car parking, allowing for maximum flexibility. The site is ideal for a major build-to-suit distribution center.
“Minooka will be our first foray into the Midwest industrial market,” said Smith. “In addition to New Jersey, Florida, and California, we consider the Chicago area one of our core regions for development.”
Jersey City, New Jersey
The Meadowlands site on County Road is less than one half mile from the newly created Exit 15X of the New Jersey Turnpike and is minutes from the Lincoln Tunnel. In addition to having its location advantages, the site is one of the last remaining undeveloped ones in the Meadowlands, allowing users to occupy a modern warehouse in a market where most buildings are over 15 years old. The 40-acre parcel can accommodate more than 550,000 square feet of distribution space in one or two buildings. This site is ideal for a major build-to-suit distribution center, and an application for Foreign Trade Zone (FTZ) status is underway. The economic advantages of operating in an FTZ include savings on import duties and decreased cost of inventory. Rockefeller Group Development Corporation is a leader in foreign trade zone development and management.
Based in Los Angeles, California, MC Realty, Inc., a wholly owned subsidiary of Mitsubishi Corporation, was formed in 1994 to manage U.S. real estate investment opportunities on behalf of Mitsubishi Corporation.
Rockefeller Group Development Corporation is a national owner, developer, and manager of prestigious commercial real estate properties. RGDC is an operating company of The Rockefeller Group, a company dedicated to excellence in commercial real estate, real estate services, and technology solutions and is itself a subsidiary of Mitsubishi Estate Company, Ltd. of Japan. More information about Rockefeller Group Development Corporation is available at www.rockgroupdevelopment.com.
PLEASE NOTE: Mitsubishi Corporation and Mitsubishi Estate Company Limited, both headquartered in Japan and bearing similar names, are two completely separate companies unrelated financially or legally and operating autonomously.
