CenterPoint Properties invests in two Class A facilities in Northern NJ

CenterPoint Properties has closed on two distribution facilities in Avenel, New Jersey, at 191 and 215 Blair Rd. After recently expanding into the Atlantaand San Diego markets, the national industrial real estate firm is bolstering its significant New York/New Jersey portfolio, which now tops eight million square feet of space across 43 assets.

191 Blair Rd. is a 198,854-square-foot cross-dock with a 36-foot clear height and an above-market door count. Its counterpart at 215 Blair Rd. is a 188,672-square-foot single-load warehouse with 22-to-30-foot clear heights, a high door count and four acres of extra parking.

CenterPoint’s East Region senior vice president of investments, Roy Rosenbaum, credited his team with shepherding the transaction through the due diligence process to secure the assets, which he called standouts in the institutional Exit 12 submarket.

“An offering with this combination of location and functionality is exceedingly rare in Northern New Jersey,” Rosenbaum said. “My hat’s off to the team and our broker partners for consummating a trade of this scale in such a competitive infill submarket,” he finished.

Bryan Won, CenterPoint’s East Region vice president of investments, said the Blair Rd. buildings are quintessential examples of CenterPoint’s investment strategy of investing in high-quality assets in the nation’s tightest infill industrial submarkets.

“Exit 12 is a stronghold for institutional investors for a reason: Next level access to a dense consumer base and a deep labor pool,” Won stated. “Our Blair Rd. facilities are also mere minutes from the New Jersey Turnpike and less than 15 miles from Port New Jersey/New York and the airport. When you factor in the outstanding amenities of these buildings, they’re a microcosm of what we invest in across the country and will be highly accretive additions to the New York/New Jersey portfolio that we have strategically acquired one building at a time over the past decade,” he added.

Gary Gabriel, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield brokered the sale of these fully leased buildings.