Realterm Logistics announces the acquisition of a 23,000-square-foot fleet maintenance facility located at 1207 Tonnelle Avenue, North Bergen, NJ. The fully leased building sits on four fenced acres, has a paved lot, and has a functional shop on site.
“As companies grapple with increasing supply chain complexity, driver shortages, and the impacts of e-commerce, this well-located fleet maintenance option helps to minimize the downtime of trucks to enhance speed and efficiency within the shipping industry,” said Derek Fish, Vice President of Investments, Realterm. “1207 Tonnelle Avenue offered Realterm an exceptional opportunity to acquire a well-located facility that continues to fulfill our strategy of acquiring assets in top markets.”
Located in an extremely dense market, there are more than 10.3 million people within a 15-mile radius, the asset offers easy access to New York City which is less than a 10 minute drive via the Lincoln and Holland Tunnels. The convenient location of the property along I-95, a main thoroughfare and trucking corridor, makes it an accessible hub for trucks traveling up and down the east coast.
“The facility is advantageously located with immediate access to New York City and the broader Northern New Jersey market. It is a great example of our continued strategy of acquiring the most functional high-flow-through properties across the country,” said Ben Andreycak, Acquisitions – East Region, Realterm.
Dean Brody of Jones Lang LaSalle facilitated the transaction and represented Realterm.
Highlights of the property include:
Square feet: 23,000 SF
Land area: 4 acres
Realterm is a real estate operator with a 30-year track record of executing niche private equity strategies at the intersection of the global supply chain and evolving consumption trends. Realterm currently manages over $8 billion in assets through five logistics-oriented private equity fund series: Realterm Airport Logistics Properties (RALP), an open-end fund investing into high flow through (HFT) on-airport logistics real estate throughout North America; Realterm Logistics Income Fund (RLIF), an open-end, core-plus fund, and the Realterm Logistics Fund (RLF) series, a closed-end, value-added fund series, both of which invest into HFT surface transportation logistics real estate throughout the U.S.; Realterm Europe Logistics Fund (RELF), a closed-end, value-added fund series investing into HFT logistics real estate throughout Europe; and Interspace Logistics Parks (ILP), a closed-end, opportunistic fund series investing into warehouse and logistics real estate throughout the top industrial markets in India.