CBRE Investment Management’s Americas Direct Logistics Deployment Team, on behalf of a separate account client, has acquired Belmont Distribution Center, a Class A, more than 200,000-square-foot logistics building in Somerset from a Brookfield-backed fund.
Completed in 2023, Belmont Distribution Center at 244 Belmont Drive features a 40-foot clear height, 130-foot truck court, 46 loading positions, 138 car parking spaces, 29 trailer parking spaces and LEED Silver certification. The property is divisible for multiple tenants and is designed to accommodate the most active tenant size segment in the market.
The distribution center is located in northern New Jersey’s Route 287/Exit 10 submarket, near connections to interstates 95, 287, and 78. This location also provides access to New York City, Newark International Airport, and the Port of New York/New Jersey, the busiest port complex on the East Coast.
The region benefits from a labor and consumer base of more than 26 million people within a two-hour drive, making it attractive for logistics customers.
The market continues to experience strong capital markets liquidity and leasing fundamentals, solidifying its position as one of the strongest and hardest-to-penetrate transaction markets in the country.
“We’re excited to add Belmont Distribution Center to our portfolio, marking the continued expansion of our logistics platform in New Jersey,” said Christopher Sullivan, director, logistics deployment at CBRE Investment Management.
“This acquisition complements our recent investment in Cottontail Logistics Center within the same submarket and underscores our ongoing focus on acquiring high-quality, well-located logistics assets in coastal gateway markets. We are confident Belmont Distribution Center’s modern design and strategic location will drive long-term value.”
