CenterPoint nabs last-mile facility in parking-starved Northern New Jersey

CenterPoint Properties is excited to announce the acquisition of 520 Jefferson Avenue in Secaucus, NJ. The 15,262 SF last-mile facility along the New Jersey Turnpike corridor of the Meadowlands covers just 11% of the 3-acre property.

Secaucus is widely viewed as one of the premier submarkets in Northern New Jersey and has high entry barriers due to a high percentage of institutional ownership. The infill location, proximity to major arteries servicing Manhattan and the existing parking component made it an ideal target for a CenterPoint team that continues to add mass to its last-mile New York City-proximate portfolio.

"With the growth of e-commerce, demand for low coverage facilities near major metropolitan cities is at an all-time high. Rent for parking in the boroughs continues to skyrocket, making a facility like 520 Jefferson a value proposition for tenants looking to service New York City," remarked CenterPoint Senior Vice President of Investments Evan Lippow. "This facility is a gem box along the New Jersey Turnpike corridor that, due to the location and configuration, should experience outsized rental growth in relation to the rest of the market," Lippow continued.

In addition to 70 auto stalls for delivery vehicles, the Jefferson Avenue building features a 4,000 SF office, 21' clear-height, four dock-high doors and one grade-level door. Additionally, the site is fully fenced and secured.

"This acquisition represents CenterPoint's commitment to building a diversified, best-in-class portfolio to service tenants across all sizes and uses," said Bryan Won, CenterPoint Senior Investment Analyst. "We continue to be one of the most active investors in the market, and our appetite is as strong as ever heading into 2021," Won finished.

Gary Capetta and Matt Corpuel from Pantheon Properties represented the seller in this transaction.