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Submitted URL: https://therealdeal.com/tristate/2021/12/27/prologis-centerpoint-pay-72m-for-industrial-properties-in-northern-nj/
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Effective URL: https://therealdeal.com/new-york/tristate/2021/12/27/prologis-centerpoint-pay-72m-for-industrial-properties-in-northern-nj/
Submission: On November 04 via manual from US — Scanned from US
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Sign inSubscribe Subscribe Markets All MarketsChicagoLos AngelesNationalNew YorkSan FranciscoSouth FloridaTexas News ResidentialDevelopmentCommercialPoliticsTech Magazine Data Book 2024Current IssueIssue ArchivesThe Closing Events South Florida ForumNew York ForumLA ForumSalon SeriesIndustry EventsConverting to Luxury Podcast + Video Video TRD Brand Studio The Blueprint Coffee Talk Daily Dirt Live TRD Explains Paydirt Real Estate Master Classes Podcast Deconstruct Data Partners Brand StudioSponsoredAdvertiseEvent ExhibitorsAppliances search Markets All MarketsChicagoLos AngelesNationalNew YorkSan FranciscoSouth FloridaTexas News ResidentialDevelopmentCommercialPoliticsTech Magazine Data Book 2024Current IssueIssue ArchivesThe Closing Events New York ForumLA ForumSouth Florida ForumSalon SeriesIndustry EventsConverting to Luxury Podcast + Video Video TRD Brand Studio The Blueprint Coffee Talk Daily Dirt Live TRD Explains Paydirt Real Estate Master Classes Podcast Deconstruct Data Partners Brand StudioSponsoredAdvertiseEvents ExhibitorsAppliances Other About UsContact UsNewslettersPrivacy PolicySubscribeCorporate SubscriptionsAdvertiseHelp CenterCareersShop TRENDING Easton drops $17M for Miami International Mall’s closed Sears, plans up to 500 apartmentsShidler Group entities face bizarre foreclosureAmazon in advanced talks to lease as much as 80K sf at Wynwood Plaza How office conversions are refilling Manhattan’s depleted rental pipeline Commercial Tri-State A * PROLOGIS, CENTERPOINT PAY $72M FOR INDUSTRIAL PROPERTIES IN NORTHERN NJ Area’s industrial vacancy rate is just 2.6 percent From left: Bob Chapman of CenterPoint and Hamid Moghadam of Prologis (CenterPoint, Prologis, LoopNet) Dec 27, 2021, 6:45 PM By * Keith Larsen Save article SHARE THIS ARTICLE * * * * * FONT SIZE AAA New Jersey is known for many things. Tony Soprano. Bruce Springsteen. Political graft. And now, industrial real estate dealmaking. In the past week, two of the largest institutional industrial buyers closed on two sites in the Garden State, paying a combined $72.2 million. Bunny Escava and Isaac Setton at Kassin Sabbagh Realty brokered both transactions. CenterPoint Properties bought a 14-acre industrial site that includes a 198,000-square-foot warehouse on Wheeling Road in Dayton, according to a press release. The deal closed for $43.6 million, according to Escava and Setton. The property sits near Exit 8A of the New Jersey Turnpike. The warehouse has a clear height of 31 feet and a separate 2-acre parking lot. This is CenterPoint’s third acquisition in the Exit 8A submarket this year where vacancy rates have fallen to about 1 percent, according to CenterPoint. SIGN UP FOR THE NATIONAL WEEKLY NEWSLETTER SIGN UP Elsewhere in Northern New Jersey, Prologis nabbed a 217,356-square-foot, multi-building industrial site for $28.6 million, according to Escava and Setton. The Bayonne site spans 7.69 acres and consists of older warehouses, a sign that the buyer intends to redevelop it. The site, at 148 East Fifth Street, was owned by a company tied to Bob Usdin, who oversees Showman Fabricators, which designs custom sets for Broadway and television shows, according to its website. READ MORE Commercial Tri-State EverWest pays $66M for NJ industrial portfolio Commercial Tri-State Taconic enters industrial market with Nuveen joint venture Bayonne sits on a peninsula directly across from Newark Liberty International Airport. Developers Lincoln Equities Group and PCCP recently secured a $105 million loan to build a 332,640-square-foot distribution center there. Northern New Jersey is among the hottest markets for industrial real estate thanks to its proximity to New York City and the turnpike. The vacancy rate of warehouse and manufacturing space in Northern New Jersey was just 2.6 percent as of the third quarter, according to JLL. Even with about 6.4 million square feet of industrial space under construction, available space is likely to remain limited for some time. TAGS Industrial Real EstatePrologis Top stories All Markets All MarketsChicagoLos AngelesNationalNew YorkSan FranciscoSouth FloridaTexas * New York Fannie Mae says it suffered losses from commercial mortgage fraud * National Arbor Realty takes back more assets as loan mods slow, delinquencies persist * New York Compass brokers sue Triangle Equities for $6M commission on Tesla lease * New York City to supersize Midtown rezoning Top stories delivered to your inbox Featured Commercial Residential El Real Deal Weekly National Chicago Hamptons Los Angeles New York San Francisco Tri-state Texas South Florida Daily Chicago Los Angeles New York San Francisco South Florida Texas VIEW ALL NEWSLETTERS SIGN UP Recommended For You * About us * Contact us * Privacy policy * Terms and Conditions * Subscribe * Corporate Subscriptions * Advertise * Help center * Careers * Shop All rights reserved © 2024 The Real Deal is a registered Trademark of Korangy Publishing Inc. 450 West 31st Street, New York, NY 10001 Phone: 212-260-1332 * * * * * * search by queryly Advanced Search