Continuing the rapid expansion of its New Jersey industrial footprint, EverWest Real Estate Investors has purchased a three-building portfolio in Moonachie, New Jersey, for $65,875,000.
With the acquisition, EverWest has purchased nearly $200 million in tri-state industrial real estate and increased its industrial assets under ownership to over 2.25 million square feet – all within the past several months.
The 190,032-square-foot Moonachie portfolio is located at 135, 137-141 and 170 W. Commercial Ave., at the center of Meadowlands – a hyper-infill location and one of northern New Jersey’s most desirable industrial submarkets.
EverWest Director of Northeast Acquisitions Stephen Feinberg directed the transaction for EverWest. Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema of Cushman & Wakefield represented the seller.
“It is extremely rare for a three-building industrial portfolio to become available for sale in the Meadowlands,” said Feinberg. “Thank you to the Cushman and Wakefield team for helping to grow EverWest’s industrial presence in one of the nation’s most highly desirable submarkets.”
“Representing multi-generational ownership in this transaction was a pleasure,” said Schmidt. “The properties’ below market, in-place rent and remaining lease terms offered a compelling value proposition for EverWest and makes for a great addition to their portfolio.”
Buildings at the Moonachie portfolio range from 45,117 square feet to 84,885 square feet. They are fully leased to Loomis Armored US, Paris Baguette fast-casual bakery and Toy Wonders, a toy distributor.
Building amenities include 26 total loading positions and 243 parking spaces, with a configuration designed for high throughput. Tenant upgrades include a high-quality cold storage infrastructure, fleet maintenance facility and security upgrades for the management of cash and precious metals.
The Moonachie buildings are minutes from Routes 17, 3 and 80, the New Jersey Turnpike (I-95) and I-80, placing tenants within a 60-minute drive to more than 15.3 million consumers. The buildings are also 14 minutes from New York City and less than 20 minutes from the Port of New Jersey/New York and Newark Liberty International Airport.
EverWest continues to seek industrial acquisition opportunities in the Meadowlands and the greater New York/New Jersey market.