148 Doremus Ave. in Newark — Courtesy: Denholtz Properties
By Joshua Burd
Denholtz Properties has purchased a five-acre outdoor storage parcel in Newark, in the latest investment under a recently announced joint venture targeting industrial properties.
According to the firm, the waterfront site at 148 Doremus Ave. is home to a 28,100-square-foot, two-story warehouse with a 2,000-square-foot, two-bay shop and a 2,100-square-foot office. The property is a half-mile from the New Jersey Turnpike’s Exit 15E and provides easy access to Port Newark-Elizabeth and Newark Liberty International Airport.
The Blau & Berg Co. represented a Denholtz affiliate in the transaction with an unnamed seller. Terms were not disclosed.
“The Port of New York and New Jersey’s role as a vital piece of the global and national supply chain has only increased in the last several years,” said Mark Mahasky, director of acquisitions and capital transactions for Denholtz. “Its substantial increase in volume has spurred a growing need for a variety of industrial facilities, including outdoor storage and trailer parking. We are excited to tap into the strength of this market through the addition of this unique asset to our portfolio.”
The Red Bank-based firm said the deal is part of a joint venture launched earlier in 2022, seeking to acquire warehouse and logistics properties in key U.S. markets. Recently, the company acquired a three-building, 358,884-square-foot industrial portfolio in Savannah, Georgia, along with a 53,811-square-foot building at 9201 Forsyth Park Drive in the Charlotte region.
“The purpose of our joint venture goes far beyond simply acquiring industrial properties,” said Stephen Cassidy, Denholtz’s president. “We’ve emphasized an intelligent and strategic approach to acquisitions in the heart of both mature and emerging markets across the nation. Our latest acquisition speaks to our commitment to diversification and we are excited to expand the portfolio’s footprint to our home state.”
