190 Homestead Ave. in Avenel — Courtesy: CenterPoint Properties
By Joshua Burd
CenterPoint Properties has made another acquisition in New Jersey, adding a nearly 30,000-square-foot industrial building in Woodbridge with an abundance of excess land for parking.
The Oak Brook, Illinois-based company on Monday detailed its purchase of 190 Homestead Ave., which is located in the Avenel section of Woodbridge. In announcing the deal, the firm said the 29,366-square-foot building covers just 15.5 percent of the 4.34-acre property, touting the appeal of sites with large portions of parking and outdoor storage.
“190 Homestead represents a tremendous opportunity to acquire a unique facility in one of the most desirable submarkets in New Jersey,” said Bryan Won, a senior investment analyst with CenterPoint. “This segment of the market is underserved, which, when combined with the property’s low coverage, make this a perfect complement to our existing Exit 12 portfolio.”
The company noted that 190 Homestead is minutes from Port Newark-Elizabeth and Newark Liberty International Airport. It’s also 30 miles from New York City.
Jordan Avanzato and Marc Duval of JLL brokered the transaction.
“This site’s flexibility and strategic location at Exit 12 were compelling,” said PJ Charlton, senior vice president of investments with CenterPoint. “We’re excited to add it to the more than $500 million in recently acquired assets in the New Jersey region, which is one of the most competitive investment markets in the country.”