191 and 215 Blair Road in Avenel — Courtesy: CenterPoint Properties
By Joshua Burd
CenterPoint Properties has acquired two industrial buildings in the Avenel section of Woodbridge, adding nearly 388,000 square feet to its portfolio in the region.
The firm, which is based in Oak Brook, Illinois, said the properties include a 198,854-square-foot cross-dock facility at 191 Blair Road with a 36-foot clear ceiling height and an above-market door count. The second building, 215 Blair Road, is a 188,672-square-foot single-load warehouse with 22- to 30-foot clear heights, a high door count and four acres of extra parking.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt and Ryan Larkin arranged the sale of the adjacent, fully leased buildings. Terms were not disclosed.
“An offering with this combination of location and functionality is exceedingly rare in northern New Jersey,” said Roy Rosenbaum, CenterPoint’s east region senior vice president of investments. “My hat’s off to the team and our broker partners for consummating a trade of this scale in such a competitive infill submarket.”
The national industrial real estate firm noted that, after recently expanding into the Atlanta and San Diego markets, it’s bolstering its already sizable presence in New York and New Jersey. That now includes more than 8 million square feet across 43 assets.
“Exit 12 is a stronghold for institutional investors for a reason: Next-level access to a dense consumer base and a deep labor pool,” said Bryan Won, CenterPoint’s east region vice president of investments. “Our Blair Road facilities are also mere minutes from the New Jersey Turnpike and less than 15 miles from Port New Jersey/New York and the airport. When you factor in the outstanding amenities of these buildings, they’re a microcosm of what we invest in across the country and will be highly accretive additions to the New York/New Jersey portfolio that we have strategically acquired one building at a time over the past decade.”
