CenterPoint has closed on a 274,430-square-foot class A industrial distribution facility at 63-65 Stults Road in Dayton, N.J. CenterPoint's 33rd asset in the New York/New Jersey area is two miles from another low-coverage property acquired in late June at 10 Corn Road, also in Dayton.
The Stults facility covers just 23 percent of the more than 27-acre property. The site also features nearly 10 acres of parking and outdoor storage space, a precious commodity for distributors that service the lucrative New Jersey and New York metro consumer populations. As currently configured, the site accommodates parking for 300 trailers and more than 400 cars.
"Our focus in this region continues to be to amass a portfolio of properties that offers users premium parking and port and population access," said PJ Charlton, senior vice president of investments. "The demand for properties like Stults is at a fever pitch, which is why the Exit 8A submarket has a one percent vacancy rate," C
