Newark and Kearny, N.J. – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces the $68.5 million sale of a two-property, 14.9-acre industrial outdoor storage (IOS) portfolio located at 2120 McCarter Highway in Newark, New Jersey, and 76 Central Avenue in Kearny, New Jersey.
Senior Managing Directors Jordan Avanzato and Christopher Todd, along with Managing Director William Ericksen of NAI James E. Hanson’s ISG Capital Markets & Leasing Team, represented the sellers, Meadow Partners and Criterion Group, in the transaction with the buyer, Outpost.
Outpost is a real estate investment and operating company specializing in IOS and logistics infrastructure. The company acquires, develops, and manages a nationwide network of truck terminals and outdoor storage facilities located near major distribution hubs, freight corridors, and intermodal facilities. Outpost plans to operate both sites as industrial outdoor storage, serving trucking, container, and logistics users that need well-located yard space near Port Newark-Elizabeth.
Founded in 2002, Criterion Group is a full-service real estate investment, development, and management firm headquartered in Astoria, New York. The firm maintains a diversified portfolio of properties across the United States, including multifamily residential communities, self-storage facilities, film studios, warehouses, industrial outdoor storage yards, and truck parking facilities.
2120 McCarter Highway spans approximately 7 acres and is paved, lit, and fenced, with space for 198 containers and 25 tractors. 76 Central Avenue in Kearny spans approximately 8 acres, with space for 212 containers, 70 tractors, and 66 trailers.
“This portfolio had a deep buyer pool, which speaks to how strong demand for premier IOS sites in New Jersey has become,” said Avanzato. “A few years ago, sites like these would have drawn a handful of local bidders. Today, well-capitalized national platforms are competing for scale in North Jersey, and that competition shows up in pricing.”
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