CenterPoint Acquires Trophy Asset on 44-Acre Site in Northern New Jersey
Posted By Staff Writers On November 22, 2019 @ 2:36 pm
OAK BROOK, IL – CenterPoint Properties is proud to announce the acquisition of a 315,389-square-foot building on an extremely rare 44.1-acre site at 1049 Secaucus Road in Jersey City, New Jersey. Strategically located in the heart of the Northern New Jersey industrial market, the property offers excellent access to the New Jersey Turnpike, New York City and nearby ports.
“We are pleased to acquire this Class A, last-mile facility in the heart of the largest U.S. population center. One of the biggest advantages to this property is the tremendous parking. The building-to-land ratio is just 16%. This low site coverage offers tenants ample land for their parking needs—trailer, auto, last-mile delivery vans—you name it,” says Evan Lippow, CenterPoint Vice President of Investments.
Because of its excellent location (just five miles from Manhattan and New Jersey’s Gold Coast) and extraordinary auto and trailer parking, the property is a mission-critical facility for the tenant, one of the largest delivery companies in North America.
“This is a one-of-a-kind, last-mile asset that exemplifies CenterPoint’s investment strategy of buying logistically advantaged real estate in the top port and population center markets in the country. Over the last 24 months the company has invested approximately $2 billion within our selected markets—largely targeting strategic buildings for the portfolio one and two buildings at a time,” said PJ Charlton, CenterPoint Senior Vice President of Investments.
Built in 2016, the building features 99 dock doors and a 36’ clear height. There are 371 trailer parking spots on the property. The trailer ratio is 11.76 per 10,000 square feet, nearly five times the trailer ratio for comparable properties in the area.
This purchase comes close on the heels of another recent CenterPoint acquisition in New Jersey—a superb development site at 49 Rutherford in Newark, New Jersey.
In the acquisition of 1049 Secaucus, the seller was represented by Brian Fiumara of CBRE National Partners.
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.