CenterPoint Properties Announces Dual Acquisition in Newark, NJ
Posted By Staff Writers On November 8, 2013 @ 11:37 pm
OAK BROOK, IL – CenterPoint Properties is proud to announce the acquisitions of an 82,360 SF fully leased port-related transload/warehouse facility located at 896 Frelinghuysen Avenue and an adjacent 5.34-acre land lease located at 60 McClellan Street. Andrew Houston of Cassidy Turley represented CenterPoint in the transaction.
Both properties were acquired from Mountain CC-Newark Realty Limited Partnership. The properties are located within close proximity to the Port of New York/New Jersey, Newark Airport, the New Jersey Turnpike and Manhattan, offering above standard parking/container storage and are the closest alternative to an on-port facility. The 896 Frelinghuysen property is a fully functional, secured, logistics facility with the ability to transload and store up to 50 containers on-site.
Additional facility features include; 38 dock-high positions, toll-free access to the port, cross dock and high-bay sections, as well as secure parking for 114 cars.
“We are optimistic that both properties will see increased activity as on-port warehousing is demolished by the Port Authority, leaving limited options for storage and port proximate warehousing/distribution,” remarked Brian Townsend, Senior Vice President Investments of CenterPoint Properties. “We have acquired 3M SF in New Jersey over the last three years and this transaction further proves our commitment to the market. We ultimately intend to replicate CenterPoint’s Chicago ownership in New Jersey, and this transaction gives us a substantial push toward that goal by significantly increasing our allocation to the market.
About CenterPoint Properties
CenterPoint Properties is focused on the development, acquisition and management of industrial property and transportation infrastructure that enhances business and government supply chain efficiency. The company invests in major coastal and inland port logistics markets anchoring North America’s principal freight lanes. CenterPoint‘s portfolio includes 45.5 million square feet and 6,400 acres under development in the company’s integrated intermodal industrial parks. For more information on CenterPoint Properties, visit www.centerpoint.com or follow @centerpointprop on Twitter.
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