CenterPoint Catches Cold Storage Warehouse in Northern New Jersey
Posted By Staff Writers On November 1, 2021 @ 1:54 am
OAK BROOK, IL – CenterPoint Properties continues to zero in on the Northern New Jersey industrial market, this time acquiring a 49,500-square-foot cold storage facility at 200 Polar Way in Jersey City, NJ. The building features 24-to-33-foot clear heights, an ESFR sprinkler system and 16 dock-high doors.
“This is another example of CenterPoint adding to our large infill-oriented national portfolio, targeting specific properties that we like one building at a time,” said PJ Charlton, CenterPoint’s Senior Vice President of Investments. “Polar Way is a unique, sought-after cold storage transload close to both a top port in Newark-Elizabeth and a huge population center in Manhattan and beyond,” Charlton expounded.
Industry analysts forecast online grocery shopping could make up a quarter of all grocery sales in the next five years, driving demand for cold storage facilities to new heights nationally and especially in the New Jersey/New York City market.
“We are thrilled to add this asset to our portfolio in a prime market where there is increasing demand for these types of facilities and no product available,” said Bryan Won, CenterPoint’s Investment Officer. “Polar Way is the ideal last-mile cold storage prototype and aligns perfectly with the long-term food and online grocery trends in New Jersey and New York City,” Won added.
Jason Crimmins, Alex Conte, Peter Murano and Michael Schipper of The Blau & Berg Company brokered the transaction. The property is leased long-term to a major cold storage logistics company.
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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.