CenterPoint has announced the acquisition of a 223,977 SF facility located at 27 Distribution Way in South Brunswick, New Jersey. Ben Sgambati and Elsa Loverde of Marcus and Millichap represented the seller.
“This was an opportunity to acquire a fully leased building in a very tight, Exit 8A submarket that has seen significant rental rate growth in the last 24-36 months,” said Evan Lippow, Vice President of Investments at CenterPoint. “This building benefits from above standard trailer parking and rail service – both features that attracted us to the investment opportunity.”
Located on 16 acres, the site is rail-served and has 28 loading positions. Additionally, the site features a 220’ truck court and has 52 trailer parking spots, which exceeds market standards. With access to I-95, Route 130 and U.S. Hwy 1, the site accommodates one to two daily trips to the Port of New York and New Jersey.
“This is CenterPoint’s third acquisition in New Jersey in the last 12 months, and our East Coast portfolio now consists of more than 12.5 Million SF located in the port related submarkets,” said PJ Charlton, Senior Vice President of Investments at CenterPoint. “We have invested more than $2 Billion into the industrial sector in the last three years and look forward to continuing our growth in 2018.”
