Annapolis, Maryland-based Realterm said Tuesday it acquired a 33,500-square-foot transload warehouse facility in Newark with 15 dock-high doors on 1.7 acres.
Located at 74 Ave. L, the property is is just minutes from the Port of Newark, offers easy access to Interstates 95 and 78 and is located just 3.9 miles from Newark Liberty International Airport.
“The Port of Newark is the busiest East Coast port. It continues to experience high volumes and congestion,” Mitch Arthur, associate, East region acquisitions, Realterm, stated. “74 Ave. L is a differentiated high-flow-through transload warehouse in an advantageous location for port users.”
“Northern New Jersey’s industrial market has seen significant rent growth in the last five years and has a vacancy rate of just 1.2%,” Ed Brickley, managing director and senior fund manager, Realterm, said. “The scarcity of developable land in the immediate vicinity of 74 Ave. L makes this a strong addition to our portfolio and supports Realterm’s strategy of owning well-located high-flow-through properties in top national markets.”
The deal was brokered by Torsten Thaler, Steve Shoemaker and Tom Tucci at Cushman & Wakefield.