By Joshua Burd
An investment manager has acquired the site of a 23,000-square-foot fleet maintenance facility in North Bergen, expanding its holdings in northern New Jersey.
Realterm Logistics, which is based in Annapolis, Maryland, said the property at 1207 Tonnelle Ave. spans four fenced acres with a paved lot and a functional shop. The firm announced the deal last week, touting its location along the New Jersey Turnpike, making it an accessible hub for trucks traveling up and down the East Coast.
Terms were not disclosed.
“As companies grapple with increasing supply chain complexity, driver shortages and the impacts of e-commerce, this well-located fleet maintenance option helps to minimize the downtime of trucks to enhance speed and efficiency within the shipping industry,” said Derek Fish, a vice president of investments with Realterm. “1207 Tonnelle Avenue offered Realterm an exceptional opportunity to acquire a well-located facility that continues to fulfill our strategy of acquiring assets in top markets.”
JLL’s Dean Brody represented the buyer, which also noted the presence of 10.3 million people within a 15-mile radius of the parcel. Realterm added that the site is a short drive from the Lincoln and Holland tunnels.
“The facility is advantageously located with immediate access to New York City and the broader northern New Jersey market,” said Ben Andreycak, an acquisitions executive for Realterm’s east region. “It is a great example of our continued strategy of acquiring the most functional high-flow-through properties across the country.”