Property is the latest acquisition for company’s multitenant industrial joint venture
Denholtz Properties announces the acquisition of 148 Doremus Avenue, a five-acre waterfront parcel in Newark, N.J. The transaction is the latest acquisition for Denholtz Properties’ joint venture which plans to acquire and develop industrial properties across the United States. Blau & Berg represented Denholtz Properties in the transaction.
Zoned for heavy industrial uses, 148 Doremus Avenue is currently used as an industrial outdoor storage facility and contains a 28,100-square-foot, two-story warehouse featuring a 2,000-square-foot two-bay shop and a 2,100-square-foot office. The property is a half mile from the New Jersey Turnpike’s Interchange 15E and provides superior access to several of the nation’s busiest multimodal logistics facilities including Port Newark/Elizabeth and Newark Liberty International Airport.
“The Port of New York and New Jersey’s role as a vital piece of the global and national supply chain has only increased in the last several years,” said Mark Mahasky, Director of Acquisitions & Capital Transactions for Denholtz Properties. “Its substantial increase in volume has spurred a growing need for a variety of industrial facilities, including outdoor storage and trailer parking. We are excited to tap into the strength of this market through the addition of this unique asset to our portfolio.”
The acquisition is the latest for Denholtz Properties’ industrial joint venture that was launched earlier in 2022. Recently, the company acquired the Coleman Portfolio, a three-building, 358,884-square-foot industrial complex located in Savannah, Ga.’s fastest-growing industrial submarket. In addition, the company also acquired 9201 Forsyth Park Drive, a 53,811-square-foot industrial building in the Charlotte Southwest area, the largest industrial submarket in Charlotte, N.C.
Stephen Cassidy, President of Denholtz Properties added, “The purpose of our joint venture goes far beyond simply acquiring industrial properties. We’ve emphasized an intelligent and strategic approach to acquisitions in the heart of both mature and emerging markets across the nation. Our latest acquisition speaks to our commitment to diversification and we are excited to expand the portfolio’s footprint to our home state.”