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The building features 24-to-33-foot clear heights, an ESFR sprinkler system and 16 dock-high doors.
“This is another example of CenterPoint adding to our large infill-oriented national portfolio, targeting specific properties that we like one building at a time,” said PJ Charlton, CenterPoint’s Senior Vice President of Investments. “Polar Way is a unique, sought-after cold storage transload close to both a top port in Newark-Elizabeth and a huge population center in Manhattan and beyond,” Charlton expounded.
Industry analysts forecast online grocery shopping could make up a quarter of all grocery sales in the next five years, driving demand for cold storage facilities to new heights nationally and especially in the New Jersey/New York City market.
“We are thrilled to add this asset to our portfolio in a prime market where there is increasing demand for these types of facilities and no product available,” said Bryan Won, CenterPoint’s Investment Officer. “Polar Way is the ideal last-mile cold storage prototype and aligns perfectly with the long-term food and online grocery trends in New Jersey and New York City,” Won added.
Jason Crimmins, Alex Conte, Peter Murano and Michael Schipper of The Blau & Berg Company brokered the transaction. The property is leased long-term to a major cold storage logistics company.
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, follow us on LinkedIn. For all media inquiries, including requests for interviews with CenterPoint executives, please contact media@centerpoint.com or 630.586.8285.
For CenterPoint Investment, Development, and Asset Management inquiries, please contact:
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