Elizabeth, N.J. (August 24, 2020) – NAI James E. Hanson announces it has negotiated the sale and leaseback of an 8.25-acre last-mile site at 349-369 First Street in Elizabeth, N.J. NAI James E. Hanson’s Scott Perkins, SIOR, Christopher Todd, Russell Verducci, SIOR, and Eric Demmers represented the buyer, CenterPoint Properties, and Marc Imrem, J.D. DeRosa, and Colby Moore from Transwestern in Chicago represented the seller, Coach USA.
Featuring proximity to the New Jersey Turnpike and several local highways as well as Newark Liberty International Airport, 349-369 First Street’s tremendous location at the nexus of the region’s transportation infrastructure makes it a rare acquisition opportunity in the current market.
With a regional portfolio of warehouses, truck terminals, parking sites and active development projects spanning 28 properties and over seven million square feet, the 349-369 First Street acquisition represented an ideal fit for CenterPoint’s rapidly growing industrial portfolio. The successful transaction marks the continuation of NAI James E. Hanson’s deep relationship with CenterPoint. Currently, NAI Hanson’s brokerage team of Perkins, Todd, Verducci, and Demmers as well as Kenneth Lundberg, SIOR, and Patrick Lennon are the exclusive leasing agents for CenterPoint’s first spec industrial project in New Jersey, 49 Rutherford in Newark, N.J. Spanning a 12.62-acre development site, the state-of-the-art facility will boast 45 dock doors, 80 trailer positions, 155 automobile parking spaces, and a 40’ clear height ceilings, making it one of the area’s premier industrial facilities.
“In today’s hyper-competitive industrial real estate asset class, working with a brokerage team that can quickly identify off-market opportunities can make all the difference in firms’ ability to capitalize and find success in this market,” said Todd. “Through our unmatched knowledge of these markets and contacts within them, our team is second to none in our ability to recognize these rare opportunities. This transaction underscores how we consistently leverage our experience on behalf of even the largest industrial investors to help them reach their real estate goals.”
Evan Lippow, Vice President of CenterPoint Properties added, “Our ability to acquire sites of this quality on an off-market basis is highly dependent upon strong brokerage relationships. The team at NAI Hanson continues to provide great value to CenterPoint in this extremely competitive marketplace. This transaction was further complicated by the ongoing COVID pandemic, however the team at NAI was able to assist CenterPoint during the due diligence process. We look forward to working together with NAI Hanson on more projects in the future, including the development and leasing of 49 Rutherford in Newark.”
For more insights on this submarket and a deeper look at the northern New Jersey industrial market, please download NAI James E. Hanson’s Q2 2020 Northern and Central New Jersey Industrial Report, which highlights market trends and key data in the industrial asset class throughout the region.