Centerpoint acquires trophy last-mile site in NJ

CenterPoint Properties is excited to announce the acquisition of 349-369 1st Street in Elizabeth, New Jersey. The rectangular 8.25-acre site is located one mile from the Port, three miles from the Newark International Airport and has immediate access onto the New Jersey Turnpike.

Significant e-commerce absorption in northern New Jersey has increased demand for last-mile sites with excess parking. Additionally, the site is proximate to one of the largest ports in the country, offering future flexibility for uses such as parking, yard or warehouse development. 

“This site aligns with the CenterPoint investment thesis of acquiring infill real estate with tremendous parking and future development optionality. The ability to acquire a site of this quality in the Elizabeth submarket is the equivalent of finding a needle in a haystack,” said Evan Lippow, CenterPoint Vice President of Investments.  

The site was acquired in an off-market transaction and was structured as a sale-leaseback. Christopher Todd and Scott Perkins from NAI Hanson in New Jersey represented CenterPoint in the transaction. Marc Imrem, J.D. DeRosa and Colby Moore from Transwestern in Chicago represented the Seller.

“CenterPoint remains extremely active in the East Region from both an investment and development perspective. This transaction will put CenterPoint at $500M invested in the New Jersey/New York area alone since 2017. We are also excited about our new development project at 49 Rutherford in Newark, which is under construction and available for lease,” said PJ Charlton, Senior Vice President of Investments at CenterPoint.