63-65 Stults Road in Dayton — Courtesy: CenterPoint Properties
By Joshua Burd
CenterPoint Properties has made another addition to its New Jersey portfolio with its purchase of a nearly 275,000-square-foot industrial building in South Brunswick.
The company, which is based in Oak Brook, Illinois, said it now owns 33 properties in New York and New Jersey after closing on its acquisition of 63-65 Stults Road. Located in the township’s Dayton section, the deal also marks CenterPoint’s second acquisition in a month near Exit 8A of the New Jersey Turnpike.
“Our focus in this region continues to be to amass a portfolio of properties that offers users premium parking and port and population access,” said PJ Charlton, a senior vice president of investments with CenterPoint. “The demand for properties like Stults is at a fever pitch, which is why the Exit 8A submarket has a 1 percent vacancy rate.”
JLL’s Marc Duval, Jordan Avanzato and Jose Cruz represented the seller of the property, which is leased long-term to a global distribution company. CenterPoint noted that the 274,430-square-foot building covers just 23 percent of the more than 27-acre property, featuring nearly 10 acres of parking and outdoor storage space, with parking for 300 trailers and more than 400 cars.
The building is also less than two miles from 10 Corn Road, the site of last month’s acquisition, and two miles from the New Jersey Turnpike.
“As the remaining developable industrial land inventory continues to diminish and developers are maximizing site coverage, facilities with these specifications are becoming even rarer,” said Bryan Won, CenterPoint investment officer. “The low-coverage nature of the site would be extremely difficult to replicate in today’s pricing environment.”