6 Wheeling Road in Dayton — Courtesy: CenterPoint Properties
By Joshua Burd
CenterPoint Properties has closed on a 198,000-square-foot industrial building in South Brunswick, its third acquisition in the Exit 8A submarket in six months.
The Oak Brook, Illinois-based firm announced the deal Thursday, noting that the facility at 6 Wheeling Road covers just 28 percent of the nearly 14-acre site. Located in the township’s Dayton section, the warehouse has a 31-foot clear ceiling height and a separate two-acre parking lot building, while providing quick access to the New Jersey Turnpike.
The company did not disclose the seller’s name or the terms of the sale.
“This investment continues our momentum over the last 12 months in 8A of acquiring institutional-quality, low-coverage assets right off the Turnpike,” said Bryan Won, CenterPoint’s investment officer. “6 Wheeling is a well-located Class A asset with superior parking that will stand the test of time in a white-hot 8A submarket.”
Bunny Escava and Isaac Setton of Kassin Sabbagh Realty brokered the transaction, which comes as vacancy rates around Exit 8A of the Turnpike have fallen to 1 percent. And it follows CenterPoint’s acquisition of properties at 63-65 Stults Road and 10 Corn Road, both in South Brunswick, in late June and mid-July.
“We’re thrilled to add this property to our infill northern New Jersey portfolio,” said David Nenner, senior vice president of asset management. “Land suitable for industrial development at Exit 8A is nearly exhausted, making premium assets like the Wheeling Road property even more desirable to companies that need to be near the Port and the densely populated central and northern New Jersey consumer bases.”