Hines acquires three-building industrial Portfolio in New Jersey

Hines has acquired Newark Distribution Center, a three-building, 715,936-square-foot industrial portfolio in New Jersey.

The properties are located at 397-447 Ferry St., 400 Ferry St., and 100 Christie St. in the core port market of Newark, N.J. The seller is Turnbridge Equities and Long Wharf Capital.

The portfolio is fully leased to 15 tenants across multiple industries, with port-centric users and third-party logistics companies as the primary occupiers. Two of the three buildings are in the process of installing solar panels on the roofs, and the largest building has received the program allocation award under the New Jersey Community Solar program and is awaiting  zoning approvals. Newark Distribution Center is located immediately adjacent to the second largest port complex in the U.S., Port Newark-Elizabeth, and close to Newark Liberty International Airport and downtown New York City.

“As Hines’ first industrial acquisition in our east region, this de