CenterPoint has closed on its second acquisition in New Jersey’s competitive Exit 8A submarket in a month: a 274,430-square-foot Class A industrial distribution facility at 63-65 Stults Road in Dayton, New Jersey.
CenterPoint’s 33rd asset in the New York/New Jersey area is just two miles from another low-coverage property acquired in late June at 10 Corn Road, also in Dayton.
The Stults facility covers just 23 percent of the more than 27-acre property. The site also features nearly 10 acres of parking and outdoor storage space, a precious commodity for distributors that service the lucrative New Jersey and New York metro consumer populations. As currently configured, the site accommodates parking for 300 trailers and more than 400 cars.
“Our focus in this region continues to be to amass a portfolio of properties that offers users premium parking and port and population access,” said PJ Charlton, senior vice president of investments. “The demand for properties like Stults is at a fever pitch, which is why the Exit 8A submarket has a one percent vacancy rate,” Charlton finished.
In addition to the coveted parking attribute, 63-65 Stults Rd. is a preeminent high-throughput facility, with an above-average door count – 84 dock-high and 14 drive-in doors – and 34-foot clear-height. It’s also just 2 miles from the New Jersey Turnpike, offering efficient access to the Ports of Newark-Elizabeth and New York, Newark International Airport and Manhattan.
“As the remaining developable industrial land inventory continues to diminish and developers are maximizing site coverage, facilities with these specifications are becoming even rarer,” said Bryan Won, CenterPoint investment officer. “The low coverage nature of the site would be extremely difficult to replicate in today’s pricing environment,” Won added.
CenterPoint Properties has invested more than $500 million in its Northeast region portfolio in the last year alone.
Marc Duval, Jordan Avanzato and Jose Cruz of JLL Capital Markets brokered the transaction with the seller. The property is leased long-term to a global distribution 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 firstname.lastname@example.org or 630.586.8285.