CenterPoint Acquires Northern New Jersey Industrial Property

10 Corn Road. Image courtesy of CenterPoint Properties

CenterPoint Properties has acquired a two-building, 295,000-square-foot industrial property in Dayton, Middlesex County, N.J.  The property, at 10 Corn Road, is leased long-term to Sunny Delight Beverages Co. under a triple-net lease.

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10 Corn Road features freezer and cooler space, rail service, and quick access to the New Jersey Turnpike. The seller and the transaction’s dollar value were not disclosed, and CenterPoint declined to answer Commercial Property Executive’s query.

The seller, however, evidently was Spirit Master Fund X LLC, an affiliate of Spirit Realty Capital, a Dallas-based triple-net REIT.

A press report in early April, when the owner listed the property for sale with JLL, indicated that it would pull in offers in the $55 million ballpark. The report also stated that the property features 30-foot ceiling heights, 38 loading docks, 237 car parking spaces and 97 trailer spaces.

The two buildings cover just 20 percent of the almost 34-acre site.

In a prepared statement, CenterPoint Investment Officer Bryan Won noted that this acquisition adds to the company’s portfolio near the turnpike’s Exit 8A, adding that the property “can cater to a myriad of industrial uses from food and beverage applications to traditional distribution, in a market where there is virtually no availability.”

JLL’s Marc Duval, Jordan Avanzato and Jose Cruz brokered the transaction.

What pandemic?

COVID-19 notwithstanding, the New Jersey industrial space sector has seen positive net absorption for 33 consecutive quarters, according to a first-quarter report from Colliers. The Exit 8A submarket is among the tightest, at 2.0 percent availability.

A nearly 1.2 million-square-foot property is underway in Dayton, with completion estimated for the third quarter. The building is fully preleased to Williams Sonoma.

In the first quarter, Melissa & Doug Toys, LA Enterprises and Aeropostale all signed major leases (315,000 to 500,000 square feet) in the Exit 8A submarket.

In January, CenterPoint acquired two buildings, totaling more than 1 million square feet, at Countyline Corporate Park, Hialeah, Fla., for a reported $184 million. Flagler Global Logistics was the seller of the property, which is fully leased to Home Depot.

And just in April, CenterPoint purchased a newly built 1 million-square-foot industrial facility in Northampton, Pa., in the Lehigh Valley.