Galvanize Real Estate purchased a 608,000-suare-foot industrial asset located at 150 Milford Road along the Interstate 95 corridor in Central New Jersey. The building is the third acquisition in GRE’s growing real estate portfolio.
GRE is the real estate division of Tom Steyer’s Galvanize Climate Solutions. This is the third acquisition in just over six months in GRE’s growing portfolio of assets targeted for decarbonization. The company is looking to reduce the operational emissions of this property and achieve more than 100% greenhouse gas emission reductions over its baseline.
“We believe that 150 Milford serves as a perfect complement to our existing portfolio along the I-95 corridor,” Joseph Sumberg, managing partner & head of Galvanize Real Estate, said. “We’re delighted to grow our New Jersey presence and build a pipeline of resilient energy efficient assets in markets with strong real estate fundamentals.”
“150 Milford leverages more than 600,000 square feet of rooftop space to provide the in-place tenant with onsite renewable power. It also takes advantage of a rich community solar program to distribute renewable energy to the local utility. In addition, we intend to electrify the property where possible with the conversion of fossil fuel fired systems to air sourced heat pumps for heating and cooling,” Nicolette Jaze, head of ESG & Sustainability, Galvanize Real Estate, said.
