CenterPoint Properties acquires trophy last-mile site in New Jersey

CenterPoint Properties has acquired 349–369 First St. in Elizabeth, N.J. The rectangular 8.25-acre site is located one mile from the Port, three miles from the Newark International Airport and has immediate access onto the New Jersey Turnpike. The seller and the financial terms were not disclosed.

“This site aligns with the CenterPoint investment thesis of acquiring infill real estate with tremendous parking and future development optionality. The ability to acquire a site of this quality in the Elizabeth submarket is the equivalent of finding a needle in a haystack,” said Evan Lippow, CenterPoint vice president of investments.

Significant ecommerce absorption in northern New Jersey has increased demand for last-mile sites with excess parking. Additionally, the site is proximate to one of the largest ports in the country, offering future flexibility for uses such as parking, yard or warehouse development.

“CenterPoint remains extremely active in the Eas