{"id":1004540642,"date":"2021-06-22T03:45:02","date_gmt":"2021-06-22T11:45:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004540642"},"modified":"2022-12-08T15:41:43","modified_gmt":"2022-12-08T23:41:43","slug":"centerpoint-acquires-northern-new-jersey-industrial-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/centerpoint-acquires-northern-new-jersey-industrial-property\/","title":{"rendered":"CenterPoint Acquires Northern New Jersey Industrial Property"},"content":{"rendered":"
\"\"<\/a>

10 Corn Road. Image courtesy of CenterPoint Properties<\/p><\/div>\n

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.<\/p>\n

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READ ALSO<\/strong>: Why CRE Investors Are Ready to Leave the Sidelines<\/a><\/p>\n

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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\u2019s dollar value were not disclosed, and CenterPoint declined to answer Commercial Property Executive<\/em>\u2019s query.<\/p>\n

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

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.<\/p>\n

The two buildings cover just 20 percent of the almost 34-acre site.<\/p>\n

In a prepared statement, CenterPoint Investment Officer Bryan Won noted that this acquisition adds to the company\u2019s portfolio near the turnpike\u2019s Exit 8A, adding that the property \u201ccan cater to a myriad of industrial uses from food and beverage applications to traditional distribution, in a market where there is virtually no availability.\u201d<\/p>\n

JLL\u2019s Marc Duval, Jordan Avanzato and Jose Cruz brokered the transaction.<\/p>\n

What pandemic?<\/h2>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

In January, CenterPoint acquired two buildings<\/a>, 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.<\/p>\n

And just in April, CenterPoint purchased a newly built 1 million-square-foot industrial facility<\/a> in Northampton, Pa., in the Lehigh Valley.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ample open space on the 34-acre site would allow the company to add new facilities.<\/p>\n","protected":false},"author":882,"featured_media":1004540646,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,1600,21742,10],"tags":[36217,35498,36006,32796,34525],"class_list":["post-1004540642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-centerpoint-properties","tag-colliers","tag-flagler-global-logistics","tag-jll","tag-spirit-realty-capital"],"acf":[],"yoast_head":"\nCenterPoint Acquires Northern New Jersey Industrial Property - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/centerpoint-acquires-northern-new-jersey-industrial-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CenterPoint Acquires Northern New Jersey Industrial Property\" \/>\n<meta property=\"og:description\" content=\"Ample open space on the 34-acre site would allow the company to add new facilities.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/centerpoint-acquires-northern-new-jersey-industrial-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-22T11:45:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:41:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/10-Corn-Road.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/centerpoint-acquires-northern-new-jersey-industrial-property\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/centerpoint-acquires-northern-new-jersey-industrial-property\/\",\"name\":\"CenterPoint Acquires Northern New Jersey Industrial Property - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/centerpoint-acquires-northern-new-jersey-industrial-property\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/centerpoint-acquires-northern-new-jersey-industrial-property\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/10-Corn-Road.png\",\"datePublished\":\"2021-06-22T11:45:02+00:00\",\"dateModified\":\"2022-12-08T23:41:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/centerpoint-acquires-northern-new-jersey-industrial-property\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/centerpoint-acquires-northern-new-jersey-industrial-property\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/centerpoint-acquires-northern-new-jersey-industrial-property\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/10-Corn-Road.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/10-Corn-Road.png\",\"width\":500,\"height\":375,\"caption\":\"10 Corn Road. 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