CARLSTADT, NJ – CenterPoint Properties is pleased to announce its recent acquisition of 700 Commercial Avenue. The 100K SF transload facility with outside storage capabilities is located on an 8.5 acre site in the Meadowlands submarket of Northern NJ. Greg Sholom of Team Resources represented the Seller in the transaction.
The facility is leased on a long-term basis to Safway Atlantc – one of the largest hoisting and scaffolding companies in US.
“We are excited to add this unique asset to our portofilio and expand our presence in Northern NJ with a strategic acquisition in the heart of the Meadowlands submarket,” said PJ Charlton, Senior Vice President of Investments at CenterPoint. “The location of the building is tremendous and the asset offers flexibility for outside storage type uses, while in the future has potential for e-commerce and high throughput distribution into NYC. This investment is a long-term income play on a last-mile oriented asset with a strong tenant in place.”
The building offers approximately 20K SF of high quality office space, 92 dock high doors, and ample truck courts with multiple points of ingress/egress off both Commercial Avenue and Gotham Parkway. The property sits on 8.5 acres with rare outside storage capabilities and was renovated in 2011.
“Over the last year CenterPoint has grown our East Coast portfolio by over 5.4 million SF, investing over $400 million,” added Charlton. “The Northern NJ industrial market is a major focus point for CenterPoint and we look forward to continuing to aggressively pursue additional acquisition and development opportunities in NJ in the near term.”