M id A tlantic Real Estate Journal — Owners, Developers & Managers — June 17 - July 21, 2022 — 7C
www.marej.com
O wners , D evelopers & M anagers
First asset within the Northern New Jersey submarket Lewin & Manganaro of Team Resources brokers CenterPoint's 57,731 s/f investment in Fairfield, NJ
F AIRFIELD, NJ — Cen- terPoint Properties has made its first invest - ment in the Fairfield submarket of Northern New Jersey at 3 Sperry Rd. in Fairfield. "We are very excited to ac - quire our first asset within the Fairfield submarket," said Bryan Won , CenterPoint's East Coast investment officer. "3 Sperry is a very functional infill asset that combines very good highway access, loading and parking. We are thrilled to add this building to our substantial and continuously growing New Jersey portfolio," Won added. The 57,731 s/f building covers just 31 percent of the 4.3-acre property. The site's above- Going Solar Makes Sense for Commercial . . . receives all federal and state tax credits. Owning a solar array offers an excellent return on invest - ment in most NE states, includ - ing tax credits. Owners create price stability in electricity pricing, hedging against rising utility prices. And there is no term commitment. For property owners who do not have the tax appetite or initial capital costs, asset ownership may not be the best option. Navigating confusing renewable energy certificate (REC) markets and invest - ing in ongoing operation and maintenance expenses are also considerations when thinking of owning a solar array. Different financing struc - tures make the most sense for commercial property owners to go solar depending on location. For example, as of this writing, asset ownership makes sense in Pennsylvania and Delaware, while all three financing struc - tures discussed make sense in in New Jersey, Virginia, Mary - land, Washington D.C., and certain parts of New York. The Infiniti Energy team is here to answer questions about your specific property. *Infiniti Energy does not of - fer tax advice. Please talk with your tax professional regarding these financing structures. Liz Conroy, General Counsel of Infiniti Energy, leads the company's legal operations and government relations strategy. MAREJ continued from page 5C
market parking is one of the features last-mile and distri - bution users covet the most in Northern New Jersey. "Rents are growing 20 to 30 percent a year in New Jersey right now," said PJ Charl- ton , CenterPoint's senior vice president of investments for the East Coast. "With limited space available in the market to lease and broad tenant demand at levels we’ve rarely seen before, we expect Northern New Jersey fundamentals to continue to outperform most markets in the country," Charlton finished. Eric Lewin and Joe Man-
3 Sperry Rd. in Fairfield
200 Polar Way in Jersey City
in 2021. In Q4 ’21, it closed on a class A building at 6 Wheeling Rd. in Dayton. The company has also added a cold storage warehouse at
200 Polar Way in Jersey City and two low-coverage assets in Dayton at 63-65 Stults Rd. and 10 Corn Rd. to its East Coast portfolio. MAREJ
ganaro of Team Resources brokered this off-market sale- leaseback transaction. CenterPoint made four investments in New Jersey
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