Daniel J. Munoz//December 30, 2021//
New York-based Devli Real Estate added a 6-acre site in the Meadowlands to its growing Garden State portfolio, according to a Dec. 29 announcement.
Devli bought the 175,000-square-foot property at 2 Carlton Ave. in East Rutherford for an undisclosed amount in a short-term sale leaseback, meaning the sellers will continue to use the industrial site.
“This acquisition gives us an exceptionally located property in the heart of the Meadowlands market which has become one of the most important industrial submarkets in the country,” Devli Chief Operating Officer Christopher Devli said in a statement.
Earlier this month, Devli said it bought 80,000 square feet of industrial space across Moonachie, North Bergen, Fair Lawn and Howell, also for an undisclosed amount.
“New Jersey’s industrial market has seen unprecedented demand over the last 18 months, which continues to drive up rents at record-breaking levels,” Devli said then.
The COVID-19 pandemic has indeed led to a marked increase in ecommerce and online shopping, which has driven up the value of warehouse space across New Jersey given the heavily used Port of Newark in Essex County.
State officials estimate the port handled the shipping of up to 40% of consumer products that traveled throughout the country during the holiday shopping season.
Still, the warehouse boom has faced resistance from environmentalists and lawmakers, some of whom are aiming to enact limits on so-called warehouse sprawl in New Jersey.