CenterPoint Properties announced Thursday that it made its first investment in the Fairfield submarket of northern New Jersey at 3 Sperry Road in Fairfield.
“We are very excited to acquire our first asset within the Fairfield submarket,” Bryan Won, CenterPoint’s East Coast investment officer, stated. “3 Sperry is a very functional infill asset that combines very good highway access, loading and parking. We are thrilled to add this building to our substantial and continuously growing New Jersey portfolio.”
The 57,731-square-foot building covers just 31% of the 4.3-acre property. The site’s above-market parking is one of the features last-mile and distribution users find most desirable.
“Rents are growing 20-30% a year in New Jersey right now,” P.J. Charlton, CenterPoint’s senior vice president of investments for the East Coast, said. “With limited space available in the market to lease and broad tenant demand at levels we’ve rarely seen before, we expect northern New Jersey fundamentals to continue to outperform most markets in the country.”
Eric Lewin and Joe Manganaro of Team Resources brokered this off-market sale-leaseback transaction.
CenterPoint made four investments in New Jersey in 2021. In Q4 2021, it closed on a Class A building at 6 Wheeling Road in Dayton. The company has also added a cold storage warehouse at 200 Polar Way in Jersey City and two low-coverage assets in Dayton at 63-65 Stults Road and 10 Corn Road to its East Coast portfolio.