Oak Brook, Ill.-based CenterPoint Properties last week announced the closing on an $83 million acquisition in Monroe, N.J. This marks the company’s largest single asset transaction to date, according to value, in the New Jersey market.
Cushman & Wakefield, Inc represented both CenterPoint and the seller, a pension fund advisory firm, on the transaction.
“We now own about 2.9 million square feet in New Jersey and 2.4 million square feet in Los Angeles,” said James Clewlow, chief investment officer for CenterPoint. “This transaction further proves our commitment to a primary investment market, where we intend to replicate our Chicago portfolio.”
This is also a significant transaction for the New Jersey industrial investment market. The 1.15-million-square-foot building is fully occupied by Barnes & Noble Company, and is leased through 2020. The class-A, e-commerce property boasts high clearance, 675-car parking (expandable) and the ability to be cross-docked.
