CenterPoint Properties Continues to Target White-Hot NJ Industrial Market

On Aug 2, 2021

Disclaimer: Sponsored content articles do not reflect the opinions of New Jersey Business magazine or the New Jersey Business & Industry Association.

CenterPoint Properties remains one of the most active industrial real estate investors in the New Jersey area, recently closing on its seventh acquisition in the past year at 63-65 Stults Road in Dayton. The $500 million CenterPoint has spent in the past 12 months is about a third of all the money it has invested to date on a portfolio of 7.5 million square feet across 34 properties in the Northeast.

“Our focus in this region continues to be to amass a portfolio of properties that offers users premium parking and port and population access,” said PJ Charlton, CenterPoint’s senior vice president of investments.

In addition to ramping up its investments in one of the country’s hottest markets, CenterPoint is also constructing a speculative development in the shadow of Port Newark. 49 Rutherford Street will be a 185,856 square foot facility with 46 dock doors, a 40-foot clear-height, and of course, one of the features CenterPoint seeks in its infill acquisitions: ample parking and outdoor storage.

Demand for industrial space in New Jersey shows no signs of cresting any time soon. That gave CenterPoint’s leadership confidence that building on spec was a sound investment, especially when coupled with the development’s prime location and a best-in-class design.

“The activity we are seeing in North Jersey has been tremendous with a sub-one percent vacancy rate along the New Jersey Turnpike corridor,” said Ronel Borner, CenterPoint’s senior vice president of development. “We’re seeing interest not just from the top two or three top e-commerce giants, we’re seeing it from every size of tenant trying to grow along with them. We’re seeing demand from a wide variety of users, and we think it is just going to continue,” Borner finished.

Disclaimer: Sponsored content articles do not reflect the opinions of New Jersey Business magazine or the New Jersey Business & Industry Association.

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