The buildings were purchased from T/A Port Carteret and US Metal Refining Co. via the assignment of a purchase option of White Rose. The latter will continue to occupy both facilities on a long-term basis. Terms of the deal, including sale price, were not released.
"These are two of the best high-bay distribution building in the Northern New Jersey marketplace," says John DiCola, a partner of the New York City-based KTR, a three-year-old company formed by former execs of Keystone Property Trust. "The dry grocery storage building is a class A cross-dock facility with great functionality. The freezer storage is a state-of-the-art facility with almost nine acres devoted to excess trailer parking.
"The long-term lease with White Rose provides stable cash flow positions for two highly functional assets at an attractive basis," DiCola says.
The two buildings are on a total of 59 acres within the Port Carteret Industrial Complex near Exit 12 of the New Jersey Turnpike. The dry grocery storage building with an address of 380 Middlesex Ave. was built in 1995, expanded in 2004 and now totals 810,000 sf. Of that, 49,000 sf is office used by White Rose as its headquarters.
Built in 1997 as a freezer distribution facility, 580 Port Carteret Dr. was expanded in 2002 to a total of 279,000 sf, including 21,000 sf of office. A wholly owned subsidiary of the Di Giorgio Corp., White Rose distributes throughout the Northeast and Mid-Atlantic regions.
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