By Joshua Burd
Logistics investor Realterm has acquired the site of a nearly 34,000-square-foot industrial building minutes from Port Newark, the firm announced Tuesday.
The Annapolis, Maryland-based buyer said the 1.7-acre property, 74 Avenue L, is home to a busy warehouse that serves as a transload facility. It paid an undisclosed sum for the site, which is a mile and a half from the port and 3.9 miles from Newark Liberty International Airport.
Cushman & Wakefield’s Torsten Thaler, Steve Shoemaker and Tom Tucci brokered the deal.
“The Port of Newark is the busiest East Coast port,” said Mitch Arthur, an associate with Realterm’s east region acquisitions team. “It continues to experience high volumes and congestion. 74 Avenue L is a differentiated high flow-through transload warehouse in an advantageous location for port users.”
Occupiers at the 33,500-square-foot building have easy access to the New Jersey Turnpike and Interstate 78, the firm said. The facility, meantime, has 15 dock-high doors.
“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 percent,” said Ed Brickley, a managing director and senior fund manager at Realterm. “The scarcity of developable land in the immediate vicinity of 74 Avenue 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.”
