CenterPoint Seeks to Expand Northern New Jersey Holdings
In the fourth quarter, CenterPoint completed three significant acquisition deals in the Northern New Jersey market.
JERSEY CITY, NJ—Closing out the year, CenterPoint Properties, which had added three industrial assets in the Northern New Jersey market in the fourth quarter, says it plans to aggressively seek further properties in this market.
Noting tight conditions that make acquisitions challenging in Northern New Jersey and adjoining New York, the Oak Brook, IL-based firm states that it had an active fourth quarter in this market and continues to look for further opportunities.
“We continue to aggressively seek investment properties and development opportunities in the Northern New Jersey market that align with our strategic goals, including last mile facilities along major highways and warehouses that are in close proximity to the NY/NJ Ports,” says Ronel Borner, CenterPoint SVP of development.
In the fourth quarter, CenterPoint completed three significant acquisition deals in the Northern New Jersey market.
Late last month, CenterPoint Properties acquired the 315,389-square-foot building on a 44.1-acre site at 1049 Secaucus Road in Jersey City. Brian Fiumara of CBRE National Partners was a broker in the transaction.
Earlier in the month, CenterPoint Properties purchased a prime development site situated on 12.62 acres at 49 Rutherford St. in Newark. Strategically located just a few miles from Port Newark, the location offers immediate access to the New Jersey Turnpike, Route 1/9 and New York City via the nearby Holland and Lincoln tunnels. Brian Colson of Avison Young worked on that deal.
In October, the firm reported the acquisition of 101 Linden Ave. East in Jersey City, a 74,304-square-foot building on 5.38 acres. Stan Danzig, Steve Elman, Jules Nissim and Michael Terranova of Cushman & Wakefield are representing CenterPoint in leasing space at the property.
Nationally, CenterPoint has invested nearly $2 billion in the industrial real estate market over the past 24 months. The company says it plans to continue its strong push into port-centric and intermodal markets near high population centers, specifically in Los Angeles, Chicago, Seattle, Oakland, Northern New Jersey, South Florida, Houston and Savannah.