CenterPoint Strengthens New York-Area Last-Mile Portfolio
Posted By Staff Writers On December 3, 2020 @ 11:44 am
OAK BROOK, IL – CenterPoint is excited to announce it has acquired 130 Moonachie Avenue in Carlstadt, NJ, a prime last-mile site in the Meadowlands submarket of Northern New Jersey. The 7.8-acre property is one of the lowest coverage sites in a submarket where delivery facilities with excess parking are in high demand.
The Meadowlands submarket has historically been utilized as the predominant location to service New York City, with the additional capability to service the Port of New York and New Jersey. The proximity to thoroughfares such as the New Jersey Turnpike, Route 80, Route 17 and Route 3 provide access to the major arteries that service the greater Tri-State Area.
“It’s exciting to find an investment opportunity that meets our strategy in a submarket like the Meadowlands, which is one of the premier submarkets in the country but has a high percentage of institutional ownership,” said Evan Lippow, CenterPoint Vice President of Investments. “The Meadowlands is predominantly comprised of higher coverage product that is older and functionally challenged. At 130 Moonachie, the rectangular configuration, entitlement and location create a perfect opportunity to meet the modern wave of demand from high-throughput and last-mile tenants,” Lippow concluded.
The Meadowlands continues to see low vacancy rates as e-commerce demands show no sign of plateauing for the foreseeable future. Industrial real estate inventory is struggling to keep up with the increased demand from retailers and logistics companies to lease modern, functional space within close proximity to the nation’s number one consumer market.
“We’re extremely proud of the portfolio that we’ve assembled in the New Jersey/New York market over the past five years,” said David Nenner, CenterPoint Senior Vice President of Asset Management. “Tenants and brokers can look at our track record and easily identify our strategy: to acquire low-coverage sites with excess parking in the best submarkets across the country,” Nenner finished.
David Schechtman, Abie Kassin and David Benharouch of Meridian Capital out of New York City represented the seller.
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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.