Air Cargo Quarterly
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CenterPoint Properties announces largest New Jersey transaction
CenterPoint Properties announced the closing on an $83M acquisition in Monroe, New Jersey. This marks the company’s largest single asset transaction to date, according to value, in the market. Cushman & Wakefield, Inc represented both CenterPoint and the seller, a pension fund advisory firm, on the transaction.‘We now own about 2.9M square feet in New Jersey and 2.4M square feet in Los Angeles. This transaction further proves our commitment to a primary investment market, where we intend to replicate our Chicago portfolio, said James Clewlow, Chief Investment Officer for CenterPoint. ‘This acquisition gives us a substantial push toward that goal by significantly increasing our allocation in New Jersey. Ultimately, the asset fits our strategy and serves our overall mission.’
This is also a significant transaction for the New Jersey industrial investment market. The 1.15M square foot building is fully occupied by Barnes & Noble Company, and is leased through 2020. The class A, e-commerce property boasts high clearance, 675 car parking (expandable) and has ability to be cross-docked.
‘This was an opportunity for CenterPoint to acquire a unique asset with many benefits in a thriving submarket, ideal for a wide variety of industrial users. We believe the future growth of e-commerce looks strong and the Barnes & Noble facility to be immensely valuable,’ said Brian Townsend, Senior Vice President of Investments for CenterPoint. ‘Prior to this transaction, the company closed on a 521,000 square foot, four building portfolio in Carteret and Leonia, New Jersey. Fully leased, this was one of the few large portfolios in the market.’
The Barnes & Noble facility is situated on 73 acres, located just off 8A of the New Jersey Turnpike and thirty minutes from the Ports of New York and New Jersey. The distribution center serves millions of e-commerce customers with a wide variety of inventory such as books, electronics, toys, games and gifts.
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