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Illinois company buys Avenel logistics center
Eric Strauss//October 14, 2014//
An Illinois-based industrial real estate investment firm has purchased a 317,500-square-foot logistics facility in Avenel, it announced Tuesday.
CenterPoint Properties purchased 11 Cragwood Road, the home of Gentek Building Products Inc., a manufacturer of installed exterior building products.
“This acquisition was an opportunity for CenterPoint to double down on its investment in port-related and logistically advantaged properties,” Brian Townsend, senior vice president, investments, said in a prepared statement. “With plans to grow our presence in the New Jersey market by over 1 million square feet each year, acquisitions like this are essential to meeting and surpassing these aggressive goals.”
Gary Gabriel of Cushman & Wakefield in East Rutherford represented CenterPoint in the transaction, it said. The seller was not disclosed.
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