Realterm announced today the acquisition of a highly functional truck terminal located at 108 New Era Drive, South Plainfield, N.J. The fully leased property sits on 5.5 acres and has 52 loading positions.
“We are excited to continue to expand our footprint in the highly populated New Jersey region,” said Ben Andreycak, East Region Acquisitions, Realterm. “Northern New Jersey is one of the top industrial markets in the country with a scarcity of developable land in the area. The asset, which is ideal for less-than-truckload shipping, is a valuable addition to our portfolio.”
The property offers a 70-foot-wide dock which allows users to efficiently move, deconsolidate and reconsolidate freight throughout the dock. In addition, its 160-foot truck courts provide an efficient circumnavigable layout. It is located six minutes from I-287 and 12 minutes from I-95. It’s convenient location near I-95, a main trucking corridor, makes 108 New Era Dr. an accessible hub for trucks traveling up and down the east coast. The property is 25 miles from Newark International Airport and 37 miles from downtown New York.
“This facility is advantageously located in a key industrial node within northern New Jersey and was an exceptional opportunity to acquire a well-located and functional truck terminal,” said Stephen Panos, Senior Vice President and Fund Manager, Realterm.
“With this acquisition, Realterm is ideally positioned to capitalize on the strength of the I-287 industrial market, which has exhibited double-digit rent growth for each of the last five years,” said Kyle Schmidt, Managing Director, Cushman & Wakefield.
Highlights of the property include:
•Land area: 5.5 acres
•Loading positions: 52
•Access: I-287 and I-95
Cushman & Wakefield facilitated the transaction on behalf of Realterm.
Realterm executes private equity strategies at the intersection of the global supply chain and evolving consumption trends. Realterm currently manages over $9 billion in assets through five transportation 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 Indospace Logistics Parks (ILP), a closed-end, opportunistic fund series investing into warehouse and logistics real estate throughout the top industrial markets in India.