By Joshua Burd
An investment manager has purchased a nearly 35,000-square-foot truck terminal in Middlesex County, marking the latest addition to its industrial portfolio in the region.
The Annapolis, Maryland-based buyer, Realterm, paid an undisclosed price for the 5.5-acre property at 108 New Era Drive in South Plainfield. The firm announced the deal Wednesday, touting the building’s 52 loading positions, a 70-foot-wide dock and 160-foot truck courts, along with a location minutes from Interstate 287.
“We are excited to continue to expand our footprint in the highly populated New Jersey region,” said Ben Andreycak of Realterm’s east region acquisitions team. “Northern New Jersey is one of the top industrial markets in the country with a scarcity of developable land in the area. The asset, which is ideal for less-than-truckload shipping, is a valuable addition to our portfolio.”
The firm noted that the site’s proximity to I-287 makes it accessible from the New Jersey Turnpike and places it 25 miles from Newark Liberty International Airport. The building spans 34,720 square feet.
“This facility is advantageously located in a key industrial node within northern New Jersey and was an exceptional opportunity to acquire a well-located and functional truck terminal,” said Stephen Panos, a senior vice president and fund manager with Realterm.
Cushman & Wakefield brokered the transaction.
“With this acquisition, Realterm is ideally positioned to capitalize on the strength of the I-287 industrial market, which has exhibited double-digit rent growth for each of the last five years,” said Kyle Schmidt, a managing director with Cushman & Wakefield.