CenterPoint Invests in Second Low-Coverage Northern New Jersey Property in Consecutive Days
Posted By Staff Writers On June 6, 2022 @ 2:32 am
OAK BROOK, IL – On the heels of making its first Northern New Jersey investment of 2022 in nearby Fairfield, CenterPoint Properties has closed on 100 Demarest Drive about 4 miles away in Wayne. The 121,005-square-foot distribution facility covers less than 24 percent of the 10.5-acre property.
The new acquisition is next to a 163,253-square-foot warehouse the company purchased in 2017. The two properties form a nearly 25-acre assemblage.
“”This infill submarket has a solid reputation among big-name brands looking for quality warehouses with efficient access to Northern New Jersey and New York City. It’s a click or two away from Meadowlands proper but more affordable,” said David Nenner, CenterPoint’s Senior Vice President of Asset Management. “We’re pleased to have been able to pair two fantastic assets in this very desirable area,” Charlton added.
The 100 Demarest property is a mile from I-80, giving its two tenants immediate access to Manhattan 20 miles away over the George Washington Bridge. The site is 24 miles from Port Newark-Elizabeth, making it a logical target for CenterPoint, which continually seeks highly functional industrial real estate near the nation’s top ports.
“100 Demarest is a quality, infill asset providing current and future users high ceiling heights, abundant auto parking and excellent access to I-80,” said Bryan Won, CenterPoint’s Investment Officer. “The fierce competition among users seeking industrial space in infill Northern New Jersey with premium transportation access, combined with the opportunity to secure two adjacent properties, made this investment extremely appealing,” Won finished.
Chris Todd and Scott Perkins of NAI James E. Hanson brokered the transaction.
At the end of 2021, CenterPoint scooped up a Class A building at 6 Wheeling Rd. in Dayton, N.J. The company has also made purchases the last year of 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.
CenterPoint’s New Jersey portfolio now tops 5.8 million square feet of industrial space.
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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.