Centerpoint strengthens NY-area Last-Mile Portfolio with acquisition of 7.8-acre property
Carlstadt, NJ — CenterPoint has acquired 130 Moonachie Ave. in Carlstadt, a prime last-mile site in the Meadowlands submarket of Northern New Jersey. The 7.8-acre property is one of the lowest coverage sites in a submarket where delivery facilities with excess parking are in high demand.
The Meadowlands submarket has historically been utilized as the predominant location to service New York City, with the additional capability to service the Port of New York and New Jersey. The proximity to thoroughfares such as the New Jersey Tpke., Rte. 80, Rte. 17 and Rte. 3 provide access to the major arteries that service the greater Tri-State Area.
“It’s exciting to find an investment opportunity that meets our strategy in a submarket like the Meadowlands, which is one of the premier submarkets in the country but has a high percentage of institutional ownership,” said Evan Lippow, CenterPoint vice president of investments. “The Meadowlands is predominantly comprised of higher coverage product that is older and functionally challenged. At 130 Moonachie, the rectangular configuration, entitlement and location create a perfect opportunity to meet the modern wave of demand from high-throughput and last-mile tenants,” Lippow concluded.