CenterPoint said July 19 that it closed on its second acquisition in New Jersey’s competitive Exit 8A submarket in a month: A 274,430-square-foot, Class-A industrial distribution facility at 63-65 Stults Road in Dayton.
The Stults facility covers just 23% of the more than 27-acre property. The site also features nearly 10 acres of parking and outdoor storage space. As currently configured, the site accommodates parking for 300 trailers and more than 400 cars.
In late June CenterPoint announced it acquired its 33rd asset in the New York/New Jersey area, just 2 miles away at 10 Corn Road, also in Dayton.
“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, senior vice president of investments. “The demand for properties like Stults is at a fever pitch, which is why the Exit 8A submarket has a 1% vacancy rate.”
In addition to the parking attribute, 63-65 Stults Road is a preeminent high-throughput facility, with an above-average door count – 84 dock-high and 14 drive-in doors – and 34-foot clear-height. It’s also just 2 miles from the New Jersey Turnpike, offering efficient access to the Ports of Newark-Elizabeth and New York, Newark International Airport and Manhattan.
“As the remaining developable industrial land inventory continues to diminish and developers are maximizing site coverage, facilities with these specifications are becoming even rarer,” said Bryan Won, CenterPoint investment officer.
“The low coverage nature of the site would be extremely difficult to replicate in today’s pricing environment,” Won added.
Marc Duval, Jordan Avanzato and Jose Cruz with JLL Capital Markets brokered the transaction with the seller. The property is leased long-term to a global distribution company.