Deugen Investment Group and Devli Real Estate plan to reposition their newly acquired, seven-acre industrial parcel at 449 Doremus Ave. in Newark. — Rendering courtesy: Deugen/Devli
By Joshua Burd
Deugen Investment Group and Devli Real Estate have acquired a low-coverage, seven-acre industrial parcel near Port Newark-Elizabeth, the firms announced Wednesday.
According to the buyers, which are based in Hoboken and Wallington, respectively, the property at 449 Doremus Ave. in Newark is a former cogeneration power plant. They now plan to reposition the site to tap into the robust demand for warehouse facilities, outdoor storage and trailer parking in and around the port district.
Terms were not disclosed. Cole Schotz PC and Town Title provided legal and transactional services, while Jason Crimmins, Alex Conte and Peter Murano of The Blau & Berg Co. will manage leasing.
“The acquisition of the Doremus Avenue site is consistent with our investment thesis, focusing on properties in strategic, infill locations with high barriers to entry,” said Kyle Mathis, chief investment officer of Deugen Investment Group.
In a news release, the joint venture noted that the property is less than a mile from the port, Newark Liberty International Airport and the New Jersey Turnpike. The acquisition comes as Port Newark-Elizabeth continues to see escalating cargo volumes and investment aimed at updating its facilities.
“We are thrilled to secure this seven-acre parcel on Doremus Avenue,” said Mark Devli, chief investment officer of Devli Real Estate. “This acquisition is another key addition to our growing northern New Jersey prime infill industrial portfolio.”
