3 Sperry Road in Fairfield — Courtesy: CenterPoint Properties
By Joshua Burd
CenterPoint Properties has completed its first deal in the Fairfield industrial submarket, acquiring a parcel with nearly 60,000 square feet of warehouse space on just over four acres.
The firm announced the deal Thursday, noting that the 57,731-square-foot building covers just 31 percent of the site at 3 Sperry Road. It now expects the property, which it purchased in a sale-leaseback, to appeal to so-called last-mile and distribution users with abundant parking needs.
Terms were not disclosed.
“We are very excited to acquire our first asset within the Fairfield submarket,” said Bryan Won, CenterPoint’s East Coast investment officer. “3 Sperry is a very functional infill asset that combines very good highway access, loading and parking. We are thrilled to add this building to our substantial and continuously growing New Jersey portfolio.”
Eric Lewin and Joe Manganaro of Team Resources Inc. brokered the off-market deal, which adds to CenterPoint’s fast-growing New Jersey portfolio. The Oak Brook, Illinois-based firm most recently purchased a 198,000-square-foot structure at 6 Wheeling Rd. in South Brunswick’s Dayton section, one of four acquisitions that it made here in 2021.
“Rents are growing 20 to 30 percent a year in New Jersey right now,” said PJ Charlton, CenterPoint’s senior vice president of investments for the East Coast. “With limited space available in the market to lease and broad tenant demand at levels we’ve rarely seen before, we expect northern New Jersey fundamentals to continue to outperform most markets in the country.”
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