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"The North Jersey and New York City area is one of our favorite markets to invest in. Our portfolio in this area is about 7 million square feet. It's a focus market for us."
- PJ Charlton, CenterPoint's Senior Vice President of Investments in the East Region
Read what PJ said about why the deal for 1080 Leggett Avenue in the Bronx was attractive to the East Coast Investments Team and why it plans to expand CenterPoint’s portfolio in the boroughs.
The warehouse is located less than 5 miles from Manhattan and less than a mile from the Hunts Point Food Distribution Center, known as the largest food distribution hub of its kind in the world.
The property sits within a 10-mile radius of about 7 million consumers. It’s positioned close to I-278, as well as I-87, I-95 and I-295.
It was recently renovated, with upgrades including replacing the roof and improving the parking lot.
The acquisition is the second New York City deal for CenterPoint, which is based in Oak Brook, Illinois, a suburb of Chicago. The company in January 2020 purchased the leasehold interest in a 925,000-square-foot, three-building portfolio in Brooklyn that was fully leased to 13 tenants.
CenterPoint invests, develops and manages industrial real estate and multi-model transportation infrastructure. It operates in markets across the country including Chicago, Dallas, Houston, Los Angeles, Miami, New York City and Seattle. Its portfolio includes 63.5 million square feet and 275 buildings across the U.S.
The firm is looking to grab up more real estate in the New York area, Charlton said.
“The North Jersey and New York City area is one of our favorite markets to invest in. Our portfolio in this area is about 7 million square feet,” Charlton said. “It’s a focus market for us.”
CenterPoint executives are particularly interested in properties in the Bronx, Brooklyn and Queens within the New York City area. The types of assets it considers for acquisition range from 50,000-square-foot buildings with extra parking up to 1.5 million-square-foot Class A properties.
The company plans to invest roughly $2 billion this year into the industrial sector in both acquisitions and developments.
“The idea for us is we’re trying to buy logistically advantaged properties that are close to major population centers or major logistics hubs such as ports,” Charlton said. “E-commerce and same-day or instant delivery is important to everyone, and being as close as you can be to those 8 million people who live in New York City, or the 20 million who live in the MSA, however you look at it, being close to the consumer has never been more important.”
He expects CenterPoint will keep looking for one- to two-building deals.
“We’ve built our portfolio through one-off acquisitions and [we’re] certainly willing to continue to grow in New York City,” Charlton said. “It’s a market we’re committed to long term.”
“This is a building that jumped out that we wanted to own,” he added about the Bronx deal. “We hope to do a lot more in New York City in the near term.”
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.
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