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Trending: Commercial Real EstateDevelopmentResidential Real EstateInvestment SalesMiami Beach ACRE3.58% AMT3.18% COLD4.04% DLR3.21% CUBE2.78% ACC0.00% STOR3.48% STAG1.59% IIPR9.12% AHT7.82% AKR2.39% AVB1.53% CBRE3.15% CIGI4.93% CLPR3.36% CWK3.23% DRH3.58% ELS3.47% EQR1.13% ESRT1.01% EXPI8.45% GNL2.74% HOV6.70% LTC0.90% MET0.81% MMI2.68% NMRK3.46% PGRE2.42% PK4.42% PURP.L2.06% RDFN6.83% REG3.57% RLGY3.80% RMAX1.86% SLG0.96% SPG-PJ0.00% STWD3.26% TOL3.83% VGR2.16% VNO1.14% Z6.88% -------------------------------------------------------------------------------- PROLOGIS, CENTERPOINT PAY $72M FOR INDUSTRIAL PROPERTIES IN NORTHERN NJ AREA’S INDUSTRIAL VACANCY RATE IS JUST 2.6 PERCENT Tri-State / Dec.December 28, 2021 11:00 AM By Keith Larsen Share on FacebookShare on TwitterShare on LinkedinShare via EmailShare via Shortlink Share via Shortlink From left: Bob Chapman of CenterPoint and Hamid Moghadam of Prologis (CenterPoint, Prologis, LoopNet) 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. 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. ADVERTISEMENT 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 * No vacancy: NJ warehouse space effectively sold out * EverWest pays $66M for NJ industrial portfolio * Taconic, Nuveen jump into NJ industrial waters 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. Contact Keith Larsen Full Name* Email Address* Message* -------------------------------------------------------------------------------- Reprints & Permissions Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink TAGS Industrial Real EstateNew Jerseyprologis Trending Now 1. Chetrit, Stellar land $714M refi for UES luxury buildings 2. Demise of 421a Cuts Off Multifamily Development Financing 3. Compass reports $188M first-quarter loss, CFO’s resignation 4. Ivana Trump’s Ex-Palm Beach Mansion Sells for $73M 5. Michael Dell's MSD Partners Finances Deal for Trump Hotel RELATED ARTICLES arrow_forward_ios Mighty Midwood bookends top outer-borough loans Mighty Midwood bookends top outer-borough loans Brookfield’s $25M Queens warehouse deal tops another slow week for i-sales Brookfield’s $25M Queens warehouse deal tops another slow week for i-sales Former fuel oil terminal hits market in Gravesend Former fuel oil terminal hits market in Gravesend Prologis offers $24B for Duke Realty in industrial megadeal Prologis offers $24B for Duke Realty in industrial megadeal Chinese developer Hongkun faces foreclosure on luxury NJ condo Chinese developer Hongkun faces foreclosure on luxury NJ condo FedEx buys warehouse, Gindis shop in Brooklyn in slow week for i-sales FedEx buys warehouse, Gindis shop in Brooklyn in slow week for i-sales American Dream lost $60M in 2021 American Dream lost $60M in 2021 U.S. industrial vacancy falls to 27-year low U.S. industrial vacancy falls to 27-year low arrow_forward_ios About Us Contact Us Privacy Policy Subscribe Advertising Customer Center Careers All rights reserved © 2022 The Real Deal is a registered Trademark of Korangy Publishing Inc. 450 West 31st Street, New York, NY 10001 Phone: 212-260-1332 4articles left Only $1 for the first month. 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