Commercial real estate’s biggest investors are spending millions of dollars.
Business Insider, Maddy McCarty (January 29,2023)
The nine-acre truck depot in Kearny, New Jersey, wouldn't appear to fit anyone's definition of prime real estate.
The site is surrounded by a tangle of major highways that are often clogged with traffic, abuts a rail yard packed with clattering freight cars, and is just down the street from one of the most polluted landfills on the northern New Jersey waterfront.
To Andy Smith, a managing director at Brookfield Asset Management and the global head of its logistics investments, the parcel, located less than 10 miles outside of New York City, was as attractive as any of the top-tier properties his company owns. This past December, Brookfield paid a little more than $67 million to acquire the site at 1100 Newark Turnpike, which it plans to continue to operate as a terminal for trucks.