Annapolis, Md. (September 6, 2022) – Realterm announces the acquisition of 74 Avenue L, a 33,500-square-foot transload facility in Newark, N.J. The high flow through warehouse has 15 dock-high doors on 1.7-acres and is minutes from the Port of Newark.
“The Port of Newark is the busiest east coast port. It continues to experience high volumes and congestion,” said Mitch Arthur, Associate, East Region Acquisitions, Realterm. “74 Avenue L is a differentiated high flow through transload warehouse in an advantageous location for Port users.”
The property offers easy access to I-95 and I-78 and is only 1.5 miles from the Port of Newark and 3.9 miles from Newark Liberty International Airport. Northern New Jersey is one of the top high flow through markets in the country with little-to-no available functional transload properties and high barriers to development.
“Northern New Jersey’s industrial market has seen significant rent growth in the last five years and has a vacancy rate of just 1.2 percent,” said Ed Brickley, Managing Director and Senior Fund Manager, Realterm. “The scarcity of developable land in the immediate vicinity of 74 Avenue L makes this a strong addition to our portfolio and supports Realterm’s strategy of owning well-located high flow through properties in top national markets.”
Highlights of 74 Avenue L include:
- Square feet: 33,500 SF
- Land area: 1.7 acres
- Dock-high doors: 15
- Access: I-78, I-95, I-280, I-278, NJ-3, Newark Liberty International Airport and Port of Newark
The deal was brokered by Torsten Thaler, Steve Shoemaker and Tom Tucci at Cushman & Wakefield.