49 Thomas J. Rhodes Industrial Drive in Hamilton — Courtesy: HFF
By Joshua Burd
An investor focused on logistics property has acquired a nearly 45,000-square-foot truck terminal in Hamilton, in a $20.5 million sale by brokers with HFF.
The capital markets firm represented the seller, Matrix Development Group, in the trade of 49 Thomas J. Rhodes Industrial Drive. Realterm Logistics purchased the fully leased, cross-docked terminal, which measures 44,975 square feet.
The HFF team included Senior Managing Director Jose Cruz and directors Marc Duval, Jordan Avanzato and Mark Mahasky, along with Senior Managing Director Kevin O’Hearn and senior directors Steve Simonelli and Michael Oliver.
“Interest in industrial continues to be strong, especially for well-located assets with good tenancy,” Cruz said.
Completed in 2009 as a built-to-suit, the complex is fully leased to YRC Freight, the fourth-largest less-than-truckload carrier in the U.S., according to a news release. The property features 101 dock-high doors, one drive-in door, 211 spaces for trailer, pup and tractor parking and 127 auto spaces.
The nearly 19-acre property benefits from its highway access and proximity to an affluent population, sitting immediately off Exit 65A of Interstate 295, about four miles south of Route 1 and 8.5 miles north of the New Jersey Turnpike.
“We continue to see a flood of investors exploring alternative industrial niches such as truck terminals, cold storage and flexier property types,” Duval said.