CenterPoint acquires low-coverage last-mile facility in Northern New Jersey

CenterPoint Properties has announced the acquisition of 190 Homestead Avenue in Avenel, NJ. The 29,366 SF building covers just 15.5% of the 4.34-acre property.

Properties with excess parking and outdoor storage have become valuable for tenants catering to Northern New Jersey and the New York City market, especially in the premier Exit 12 submarket and nearby areas. The property’s low coverage and access to the New Jersey Turnpike were key attractions to CenterPoint.

“190 Homestead represents a tremendous opportunity to acquire a unique facility in one of the most desirable submarkets in New Jersey,” said Bryan Won, CenterPoint Senior Investment Analyst. “This segment of the market is underserved, which, when combined with the property’s low coverage, make this a perfect complement to our existing Exit 12 portfolio,” Won continued.

The facility has convenient access to the New Jersey Turnpike leading to Port Newark-Elizabeth and Newark International Airport. It’s also just 30 miles from New York City, giving CenterPoint another arrow in its quiver of last-mile properties servicing the Northern New Jersey and New York City population base.

“This site’s flexibility and strategic location at Exit 12 were compelling,” said PJ Charlton, CenterPoint Senior Vice President of Investments. “We’re excited to add it to the more than $500 million in recently acquired assets in the New Jersey region, which is one of the most competitive investment markets in the country,” Charlton finished.

Jordan Avanzato and Marc Duval of JLL brokered the transaction.