An Illinois-based real estate investment company has made it second purchase of an industrial facility in the Exit 8A submarket in a month, it announced Monday.
CenterPoint, which bought a two-building complex in Dayton in June, has now acquired 63-65 Stults Road in the section of South Brunswick Township, it said in a news release. The 274,430-square-foot, Class A industrial distribution facility represents CenterPoint’s 33rd asset in the New York/New Jersey region.
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Financial terms of the transaction were not disclosed.
The building sits on 27 acres and includes 10 acres of parking and outdoor storage space, currently configured for 300 trailers and more than 400 cars. It is leased long-term to a global distribution company.
“Our focus in this region continues to be to amass a portfolio of properties that offers users premium parking and port and population access,” P.J. Charlton, senior vice president of investments, said in a prepared statement. “The demand for properties like Stults is at a fever pitch, which is why the Exit 8A submarket has a 1% vacancy rate.”
CenterPoint said it has invested more than $500 million in its Northeast region portfolio in the last year.
“As the remaining developable industrial land inventory continues to diminish, and developers are maximizing site coverage, facilities with these specifications are becoming even rare,” Bryan Won, investment officer, said in a statement. “The low-coverage nature of the site would be extremely difficult to replicate in today’s pricing environment.”
JLL Capital Markets’ Marc Duval, Jordan Avanzato and Jose Cruz brokered the transaction with the undisclosed seller.