CenterPoint Lands Low-Coverage Industrial Property in Northern New Jersey
Posted By Staff Writers On June 21, 2021 @ 8:54 am
OAK BROOK, IL – CenterPoint has acquired 295,000 square feet of warehouse space at 10 Corn Road in Dayton, NJ. Two buildings cover just 20 percent of the sizable 34-acre site, which is leased long-term to a national beverage company serving the Northeast from this location.
10 Corn Road features freezer and cooler space, rail access, and extra land, which can accommodate an abundance of auto and trailer parking. The property, located within minutes to the New Jersey Turnpike, has ideal access to the New Jersey and New York populations, Port Newark-Elizabeth and Newark International Airport.
“We’re very excited to add this to our 8A portfolio,” said CenterPoint Investment Officer Bryan Won. “The property’s unique features make this a highly attractive investment because it can cater to a myriad of industrial uses from food and beverage applications to traditional distribution, in a market where there is virtually no availability,” Won emphasized.
Exit 8A has been one of the hottest submarkets in New Jersey in recent years. With a vacancy rate of less than 1% this year, competition for space among users is at record levels.
“10 Corn Road is well located within the 8A submarket, and it sits on a parcel that affords us expansion flexibility long term,” said PJ Charlton, senior vice president of investments. “This is our sixth acquisition in the New Jersey/New York City metro area in the last 12 months. The region is clearly one of the hottest industrial markets in the country,” Charlton finished.
CenterPoint has now invested $1.7 billion to amass a portfolio of 33 properties and nearly 7.5 million square feet of warehouse space in the New York and New Jersey areas.
Marc Duval, Jordan Avanzato and Jose Cruz of JLL brokered the transaction.
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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.