By Joshua Burd
CenterPoint Properties has expanded its New Jersey holdings with the addition of a 224,000-square-foot industrial building in South Brunswick, executives said Tuesday.
In a news release, the Oak Brook, Illinois-based firm said its acquisition of 27 Distribution Way represents its third purchase in the state over the past year. The fully occupied building sits off Route 130 and is minutes from the New Jersey Turnpike.
Ben Sgambati and Elsa Loverde of Marcus and Millichap represented the seller. Terms were not disclosed.
“This was an opportunity to acquire a fully leased building in a very tight, Exit 8A submarket that has seen significant rental rate growth in the last 24-36 months,” said Evan Lippow, vice president of investments at CenterPoint. “This building benefits from above standard trailer parking and rail service — both features that attracted us to the investment opportunity.”
Located on 16 acres, the site is rail-served and has 28 loading positions, the news release said. The property also features a 220-foot truck court and has 52 trailer parking spots, while offering quick access to the Turnpike and Route 1.
PJ Charlton, CenterPoint’s senior vice president of investments, said the firm’s portfolio in port-related submarkets now consists of more than 12.5 million square feet. The firm has invested more than $2 billion in the industrial sector in the last three years and says it planned to continue its growth in 2018.