CenterPoint Grabs Another Low-Coverage Industrial Property in Northern New Jersey
Posted By Staff Writers On June 2, 2022 @ 3:33 pm
OAK BROOK, IL – CenterPoint Properties has made its first investment in the Fairfield submarket of Northern New Jersey at 3 Sperry Road in Fairfield, New Jersey.
“We are very excited to acquire our first asset within the Fairfield submarket,” said Bryan Won, CenterPoint’s Investment Officer. “3 Sperry is a very functional infill asset that combines very good highway access, loading and parking. We are thrilled to add this building to our substantial and continuously growing New Jersey portfolio,” Won added.
The 57,731-square-foot building covers just 31-percent of the 4.3-acre property. The site’s above-market parking is one of the features last-mile and distribution users covet the most in Northern New Jersey.
“Rents are growing 20 to 30 percent a year in New Jersey right now,” said PJ Charlton, CenterPoint’s Senior Vice President of Investments. “With limited space available in the market to lease and broad tenant demand at levels we’ve rarely seen before, we expect Northern New Jersey fundamentals to continue to outperform most markets in the country,” Charlton finished.
Eric Lewin and Joe Manganaro of Team Resources brokered this off-market sale-leaseback transaction.
CenterPoint made four investments in New Jersey in 2021. In Q4 ’21, it closed on a Class A building at 6 Wheeling Rd. in Dayton, NJ. The company has also added a cold storage warehouse at 200 Polar Way in Jersey City and two low-coverage assets in Dayton at 63-65 Stults Rd. and 10 Corn Rd. to its East Coast portfolio.
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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.