1049 Secaucus Road in Jersey City — Courtesy: CenterPoint Properties
By Joshua Burd
CenterPoint Properties has acquired a three-year-old, 315,389-square-foot industrial building in Jersey City, the latest addition to its fast-growing New Jersey portfolio.
The Oak Brook, Illinois-based company on Monday detailed its purchase of 1049 Secaucus Road, which sits on 44.1 acres just east of the New Jersey Turnpike. In announcing the acquisition, the firm touted the site’s location just outside Manhattan and its abundance of parking for both cars and trailers, providing a critical location for one of the largest delivery companies in North America.
Terms were not disclosed. Brian Fiumara of CBRE National Partners represented the seller.
“We are pleased to acquire this Class A, last-mile facility in the heart of the largest U.S. population center,” said Evan Lippow, a vice president of investments with CenterPoint. “One of the biggest advantages to this property is the tremendous parking. The building-to-land ratio is just 16 percent. This low site coverage offers tenants ample land for their parking needs — trailer, auto, last-mile delivery vans — you name it.”
CenterPoint did not identify the tenant by name, although the property is listed as a facility for FedEx Ground. Built in 2016, the building features 99 dock doors and a 36-foot clear ceiling height.
The owner also noted that there are 371 trailer parking spots on the property. The trailer ratio is 11.76 per 10,000 square feet, CenterPoint said, nearly five times the trailer ratio for comparable properties in the area.
“This is a one-of-a-kind, last-mile asset that exemplifies CenterPoint’s investment strategy of buying logistically advantaged real estate in the top port and population center markets in the country,” said PJ Charlton, CenterPoint’s senior vice president of investments. “Over the last 24 months the company has invested approximately $2 billion within our selected markets — largely targeting strategic buildings for the portfolio one and two buildings at a time.”
The acquisition follows CenterPoint’s recent purchase of a nearly 13-acre development site at 49 Rutherford St. in Newark, which it announced earlier this month. It’s also the company’s second acquisition of a Jersey City property in less than two months, coming after its purchase of a 74,304-square-foot asset at 101 Linden Ave. East in Jersey City.