100 Demarest Drive in Wayne — Courtesy: NAI James E. Hanson
By Joshua Burd
CenterPoint Properties has acquired another New Jersey industrial building, adding more than 117,000 square feet in Wayne near the intersection of Route 23 and Interstate 80.
According to NAI James E. Hanson, which represented the buyer, the property at 100 Demarest Drive changed hands for an undisclosed price. The brokerage team said the fully leased, 117,340-square-foot structure is less than a mile from the two highways, with 26-foot clear ceiling heights and a highly adaptable layout, making it an attractive target for the Oak Brook, Illinois-based buyer.
NAI Hanson’s Scott Perkins, Chris Todd and William Ericksen worked closely with CenterPoint Investment Officer Bryan Won in the transaction with the seller, 100 Demarest Drive LLC.
“We continue to see institutional capital flowing at unprecedented rates into the northern New Jersey industrial market,” Perkins said. “With virtually zero available buildings in many markets surrounding the Port as well as the New Jersey Turnpike, these investors are increasingly looking further west to markets like Wayne. Through leveraging our on the ground presence and local relationships, this deal exemplifies our ability to help our clients find ideal acquisitions and meet their business goals in this competitive market.”
NAI Hanson added that it recently helped negotiate a long-term, full-building lease at CenterPoint’s newly built, 182,000-square-foot warehouse adjacent to Port Newark. The deal brought a Fortune 500 company to the property at a rent that was 27 percent above initial preconstruction projections for the speculative development, the firm said.