CARTERET, NJ-The newly completed ASA Apple intermodal distribution center at Turnpike Exit 12A was purchased for $29.7 million, in a deal arranged by Sitar Realty Co.
Centerpoint Properties Trust bought the 256,125 -square-foot warehouse situated in a growing area near shipping ports from ASA Apple and the Frank Greek Development Co. ASA Apple has a 10-year lease to operate at the facility.
The structure at 377 Roosevelt Avenue was built on a remediated and soil-capped brownfield, the site of a former fabricating plant for ASA Apple. The company is a public warehouse & intermodal transportation operator, specializing in overseas traffic coordination and end-to-end process management. It transports a variety of products ranging from beverages and foodstuffs, to plastics, chemicals, metals, and furniture.
William Sitar Jr., a senior vice-president of Sitar, along with vice-president Tom Monte, brought the sale to a close.
“The building, equipped with 36 clear height ceilings, and cross-loaded rail, is a brand-new institutional-grade facility,” says Sitar. “The buyer was focused on a port-area purchase.”
Industrial market experts have noted a pick-up in sales and leasing in New Jersey’s core markets as of late. Sitar noted that the Carteret property deal by Centerpoint is evidence of increased interest in New Jersey port areas as Port Authority of New York and New Jersey officials press for expedited federal approvals needed to upgrade the Bayonne Bridge to permit height access for the most modern container ships.
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