10 Corn Road in the Dayton section of South Brunswick — Courtesy: JLL
By Joshua Burd
CenterPoint Properties has closed on the site of a 295,000-square-foot warehouse complex in South Brunswick, marking its latest acquisition in New Jersey over the past year.
The Oak Brook, Illinois-based buyer said the 34-acre property, 10 Corn Road in the town’s Dayton section, consists of two buildings just minutes from New Jersey Turnpike Exit 8A. The fully leased complex accounts for only about 20 percent of the parcel, providing it with long-term flexibility and expansion potential.
JLL’s Marc Duval, Jordan Avanzato and Jose Cruz brokered the transaction. Terms were not disclosed.
“We’re very excited to add this to our 8A portfolio,” CenterPoint Investment Officer Bryan Won said. “The property’s unique features make this a highly attractive investment because it can cater to a myriad of industrial uses from food and beverage applications to traditional distribution, in a market where there is virtually no availability.”
Home to a national beverage company serving the Northeast, 10 Corn Road features freezer and cooler space, rail access and the ability to accommodate auto and trailer parking on the extra land, CenterPoint said. It is now part of a portfolio for the firm that includes 33 properties and nearly 7.5 million square feet of warehouse space in the New York and New Jersey areas.
“This is our sixth acquisition in the New Jersey/New York City metro area in the last 12 months,” said PJ Charlton, CenterPoint’s senior vice president of investments. “The region is clearly one of the hottest industrial markets in the country.”
