200 Polar Way in Jersey City — Courtesy: CenterPoint Properties
By Joshua Burd
CenterPoint Properties has acquired a nearly 50,000-square-foot cold storage facility in Jersey City, marking the latest addition to its northern New Jersey industrial holdings.
The company, which is based in Oak Brook, Illinois, said its purchase of 200 Polar Way provides it with a fully leased property just off Route 440 and minutes from the New Jersey Turnpike. It also comes amid the growing demand for online grocery delivery, adding to the need for such facilities in densely populated markets such as New Jersey and New York.
Jason Crimmins, Alex Conte, Peter Murano and Michael Schipper of The Blau & Berg Co. brokered the transaction, the terms of which were not disclosed.
“This is another example of CenterPoint adding to our large infill-oriented national portfolio, targeting specific properties that we like one building at a time,” said PJ Charlton, CenterPoint’s senior vice president of investments. “Polar Way is a unique, sought-after cold storage transload close to both a top port in Newark-Elizabeth and a huge population center in Manhattan and beyond.”
In announcing the deal, CenterPoint said 200 Polar Way features 24- to 33-foot clear ceiling heights, a modern sprinkler system and 16 dock-high doors. The 49,500-square-foot is leased long-term to a major cold storage logistics user.
“We are thrilled to add this asset to our portfolio in a prime market where there is increasing demand for these types of facilities and no product available,” said Bryan Won, CenterPoint’s investment officer. “Polar Way is the ideal last-mile cold storage prototype and aligns perfectly with the long-term food and online grocery trends in New Jersey and New York City.”
