101 Linden Ave. East in Jersey City — Courtesy: CenterPoint Properties
By Joshua Burd
CenterPoint Properties has expanded its New Jersey holdings with the acquisition of a nearly 75,000-square-foot industrial building in Jersey City.
The Oak Brook, Illinois-based company announced Monday that it has purchased 101 Linden Ave. East, a vacant building that it’s now marketing in conjunction with Cushman & Wakefield. Sitting on 5.38 acres, the building is minutes from the New Jersey Turnpike extension and the Holland Tunnel, offering users a so-called last-mile facility near a major population center.
The Cushman & Wakefield team of Stan Danzig, Steve Elman, Jules Nissim and Michael Terranova represented the seller in the deal and will represent CenterPoint in leasing the building.
“New York City represents the largest consumer population in the country and creates distinct logistical challenges,” said Evan Lippow, a vice president of investments with CenterPoint. “Located less than four miles from Manhattan, this property’s site security and excess parking are unique characteristics that are irreplaceable in the ‘last-mile’ supply chain, and are certain to enhance in value over time.”
In a news release, CenterPoint said the 74,304-square-foot building has four dock-high doors and four grade-level doors, which facilitate access to a portion of the building that can be used as a drive-in warehouse. The site offers 50 automobile spaces and comes with an extra 1.5 acres of land that can accommodate parking spaces for 55 delivery vehicles and includes a 3,000-square-foot vehicle maintenance facility.
The firm also highlighted roughly 30,000 square feet of temperature-controlled warehouse space that, combined with the above-market vehicle parking, creates a unique facility for potential food and beverage distributors.
“This building is a valuable addition to CenterPoint’s growing portfolio in the New Jersey/New York market,” said David Nenner, a senior vice president and regional manager with CenterPoint. “101 Linden Avenue East is a highly functional ‘throughput’ building, located at Exit 14B, with excellent access into Manhattan.”