130 Moonachie Ave. in Carlstadt — Courtesy: CenterPoint Properties
By Joshua Burd
CenterPoint Properties has added to its New Jersey industrial portfolio with the acquisition of a 7.8-acre property in the Meadowlands.
The company noted that the site, located at 130 Moonachie Ave. in Carlstadt, has above-average parking and a layout that makes it suited for so-called last-mile users. That makes it a rare offering in the submarket, which benefits from its easy access to New York and its proximity to North Jersey’s major highways.
Terms were not disclosed.
“It’s exciting to find an investment opportunity that meets our strategy in a submarket like the Meadowlands, which is one of the premier submarkets in the country but has a high percentage of institutional ownership,” said Evan Lippow, vice president of investments with CenterPoint. “The Meadowlands is predominantly comprised of higher coverage product that is older and functionally challenged. At 130 Moonachie, the rectangular configuration, entitlement and location create a perfect opportunity to meet the modern wave of demand from high-throughput and last-mile tenants.”
Meridian Capital Group’s David Schechtman, Abie Kassin and David Benharouch represented the undisclosed seller. In its listing, the firm said the property was home to an 87-door cross-dock freight terminal spanning about 64,000 square feet, with the potential to reposition a logistics property just eight miles from Manhattan.
CenterPoint noted that the Meadowlands continues to see low vacancy rates as e-commerce demand shows no sign of plateauing for the foreseeable future. The firm is poised to continue capturing that demand with the Carlstadt property, which is minutes from the New Jersey Turnpike and routes 17, 46 and 120.
“We’re extremely proud of the portfolio that we’ve assembled in the New Jersey/New York market over the past five years,” said David Nenner, a senior vice president of asset management with CenterPoint. “Tenants and brokers can look at our track record and easily identify our strategy: to acquire low-coverage sites with excess parking in the best submarkets across the country.”
