(NEW JERSEY) – Hines, a global real estate investment, development, and property manager, today announced that it has acquired Newark Distribution Center, a three-building, 715,936-square-foot industrial portfolio. The properties are located at 397-447 Ferry Street, 400 Ferry Street, and 100 Christie Street in the core port market of Newark, New Jersey. 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 waiting for zoning approvals. Newark Distribution Center is located immediately adjacent to the second largest port complex in the U.S., Port Newark-Elizabeth, and in close proximity to Newark Liberty International Airport and downtown New York City.
“As Hines’ first industrial acquisition in our east region, this deal demonstrates the firm’s tenacity during this slow period in the market and our commitment to the industrial sector,” said Tom Griggs, managing director at Hines. “Northern New Jersey has few purchase opportunities and minimal port proximate development parcels, making this high-profile, infill portfolio a prime investment that will benefit from the immediate access to critical multi-modal transportation infrastructure.”
Hines’ East Region including New York/Tri-State, Washington, D.C., Greater Boston, and Philadelphia metro areas, currently has 2.2 million square feet of industrial development under construction and another 4.8 million square feet in the pipeline.
Hines is a global real estate investment, development, and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 28 countries. We manage a $92.3B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 634 properties totaling over 225 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2022