East Windsor, NJ — Galvanize Real Estate (GRE), the sustainable real estate strategy of investment firm Galvanize Climate Solutions (Galvanize), announced its acquisition of a 608,000 s/f industrial asset located at 150 Milford Rd. along the I-95 corridor in Central New Jersey. Well-located in proximity to strategic logistics infrastructure including interstate highway systems, deep-water cargo ports, intermodal terminals, and air freight capabilities, 150 Milford provides access to critical supply chains and distribution solutions. The building is the third acquisition in GRE’s growing real estate portfolio.
“We believe that 150 Milford serves as a perfect complement to our existing portfolio along the I-95 corridor,” said Joseph Sumberg, managing partner & head of Galvanize Real Estate. “We’re delighted to grow our New Jersey presence and build a pipeline of resilient energy efficient assets in markets with strong real estate fundamentals.”
According to the US General Services Administration, on average, buildings with higher energy performance are expected to save $1.64 psf in total annual expenses compared to legacy stock buildings. GRE views this as a significant opportunity to acquire inefficient assets and invest in their decarbonization and onsite renewable energy generation as part of a traditional value-add strategy.
“150 Milford leverages more than 600,000 s/f of rooftop space to provide the in-place tenant with onsite renewable power. It also takes advantage of a rich community solar program to distribute renewable energy to the local utility. In addition, we intend to electrify the property where possible with the conversion of fossil fuel fired systems to air sourced heat pumps for heating and cooling,” said Nicolette Jaze, head of ESG & Sustainability, Galvanize Real Estate.
GRE’s business plan includes value-add improvements to the asset and a reduction of on-site carbon emissions by up to 266-324% over the property’s baseline, achieved through a series of initiatives with strategic solar and decarbonization partners. This could amount to approximately 65,000 metric tons of CO2e (carbon dioxide equivalent) avoided over 30 years or nearly 8,502 homes’ energy use for one year.
“This acquisition aligns well with our strategic vision of investing in high-potential industrial assets in prime markets,” said Nadine Anderson, VP, Acquisitions, Galvanize Real Estate. “Central New Jersey’s attractive solar programs, robust logistics network, and growing demand for industrial space make this property an ideal addition to our portfolio.”
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