A joint venture between Deugen Investment Group and Devli Real Estate has successfully secured a prime 7-acre parcel at 449 Doremus Ave. in Newark in an off-market transaction.
Terms of the deal were not disclosed.
Situated in one of the most sought-after locations for logistics in the Northeast, the property represents an effort to make a strategic move to acquire low-coverage land sites that are vital to the country’s overall logistic supply chain.
The property is positioned less than one mile from the Port of Newark, Newark Liberty International Airport and Interstate 95/New Jersey Turnpike. The Port of Newark continues to showcase its critical role in both the global and national supply chains, evidenced by the escalating cargo volumes and substantial recent and planned capital investments.
Deugen and Devli officials said they plan a comprehensive repositioning of the former cogeneration power plant to cater to the robust demand for warehouse facilities, outdoor storage and trailer parking within the Port of Newark, where the availability of sites remains scarce.
“The acquisition of the Doremus Avenue site is consistent with our investment thesis, focusing on properties in strategic, infill locations with high barriers to entry,” Kyle Mathis, chief investment officer of Deugen Investment Group, said.
Mark Devli, chief investment officer of Devli Real Estate, agreed.
“We are thrilled to secure this 7-acre parcel on Doremus Avenue,” he said. “This acquisition is another key addition to our growing northern New Jersey prime infill industrial portfolio.”
Legal and transactional services were provided by Cole Schotz P.C. and Town Title. Leasing activities will be managed by a Blau & Berg team consisting of Jason Crimmins, Alex Conte and Peter Murano.
