M id A tlantic Real Estate Journal — New Jersey — February 19 - March 12, 2021 — 9B
www.marej.com
N ew J ersey Blitt of Bussel Realty represents the owner of 461 Ridge Rd.
WIP & EverWest Real Estate Investors acquire 144,551 s/f industrial facility in South Brunswick
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Partners and EverWest, and their second transaction with each other. Recently, the two transacted on a distribution facility in New Jersey’s Meadowlands. The joint venture has several other potential deals in the pipeline including redevel- opment and ground-up op- portunities. Over the last several years, WIP has transacted on four million square feet of industrial space strategi- cally located in a number of intermodal Eastern mar- kets. Woodmont Industrial intends to aggressively ex-
pand its existing pipeline in the region by adding exist- ing value-add opportunities and/or land for develop- ment within the next 12-24 months in major transporta- tion corridors. EverWest is an active investor and lender across the United States, spanning industrial, office, retail and multi-family product. In 2020 that activity included significant industrial acqui- sitions in key growth mar- kets such as New Jersey, Seattle, Nashville, Denver, Miami and Southern Cali- fornia. MAREJ
OUTHBRUNSWICK, NJ — Woodmont In- dustrial Partners
(WI P ) , a n a t i o n a l d e v e l o p e r and owner of industrial properties, and Ever- West Real Estate In- vestors , an
David Blitt
institutional real estate investment and operating company announced the ac- quisition of 461 Ridge Rd., a 144,551 s/f industrial facility in South Brunswick. Located in the established Exit 8A submarket, the prop- erty is just five miles from the New Jersey Tpke. and less than two miles fromRte. 130. Key building features include 22’ clear height, 22 dock doors, three drive-in doors, 120-foot truck court and concrete tilt-up panels on a 12-acre site with build- ing expansion opportunities. “As we strategically grow our industrial portfolio of well-located and high-qual- ity assets, we’re thrilled to also build a longstanding relationship with EverWest Real Estate Investors,” said Eric Witmondt , principal of Woodmont Industrial Partners. “With tremen- dous potential for industrial, bolstered by skyrocketing demand for e-commerce, we’ll continue to seek out value-add opportunities in key markets across the U.S.” David Blitt of Bussel Realty represented the sell- er in this transaction. The seller has leased back the space on a short-term basis. Woodmont and EverWest plan to renovate the existing facility upon lease expira- tion, enhancing building specifications to best meet the demand from distribu- tion and logistics users. “This property’s existing functionality and low cover- age provided an attractive acquisition opportunity in one of New Jersey’s best performing submarkets,” said Steve Feinberg , Ever- West’s director of Northeast acquisitions. “EverWest is excited to grow its partner- ship with Woodmont on future opportunities.” This deal marks the first joint venture project be- tween Woodmont Industrial
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