CenterPoint Acquires Development Site in Northern New Jersey
Posted By Staff Writers On November 7, 2019 @ 9:25 am
OAK BROOK, IL – CenterPoint Properties is proud to announce the acquisition of a prime development site situated on 12.62 acres at 49 Rutherford Street in Newark, New Jersey. Strategically located just a few miles from Port Newark, the location offers immediate access to the New Jersey Turnpike, Route 1/9 and New York City via the nearby Holland and Lincoln Tunnels.
“We are excited to acquire this prime development site in the Northern New Jersey market. Once complete, 49 Rutherford will feature best-in-class specifications for high throughput and e-commerce tenants, such as a high door count and an abundance of trailer parking. This development project is consistent with the CenterPoint strategy of acquiring and developing lower coverage infill facilities in the top port markets and population centers in the country,” said Evan Lippow, CenterPoint Vice President of Investments.
49 Rutherford will be a 185,856 square-foot facility with 45 dock doors, 80 trailer positions, 155 automobile parking spaces, and a 40’ clear height. It also boasts excellent visibility, with approximately 1,000 linear feet of frontage on the New Jersey Turnpike in both directions. CenterPoint is currently targeting a delivery date of fourth quarter 2020.
“This project represents a rare opportunity to develop a new building in the port submarket of Northern New Jersey. 49 Rutherford will be one of the closest “Class-A” warehouses to Port Newark, which offers tenants servicing the Port a distinct drayage advantage. CenterPoint looks forward to bringing this exciting project to market and continuing to expand its development footprint in New Jersey,” said Ronel Borner, CenterPoint Senior Vice President of Development.
The team of Ken Lundberg, Scott Perkins and Russ Verducci at NAI James E. Hanson will be representing CenterPoint in the leasing of the building.
Please contact Ronel Borner (email@example.com) for development opportunities.
About CenterPoint Properties
CenterPoint is an industrial real estate company made up of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems—the delicate, the complex, the seemingly-impossible—that we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve. For more information on CenterPoint Properties, visit centerpoint.com, follow @CenterPointProp on Twitter or engage with us on LinkedIn.