With a new industrial building purchase, EverWest Real Estate Investors has amassed $127 million in tri-state industrial assets in the past two months.
Its latest acquisition, a 125,790 s/f Class A industrial building in Somerset, New Jersey, was purchased for $27.7 million.
Located at 650 Randolph Road, the property is fully occupied under a long-term lease with Rising Pharma Holdings Inc., the nation’s largest privately held generic drug developer.
EverWest’s Director of Northeast Acquisitions Stephen Feinberg directed the off-market transaction, represented by JLL Vice Chairman Joel Lubin and Executive Vice Presidents John Buckley and Gary Politi. The property seller was Citgen Realty LLC.
“EverWest is pleased to add 650 Randolph Road to its growing portfolio of well-located, high-quality New Jersey industrial assets,” said Feinberg. “It was a pleasure working with the JLL team on this unique transaction.”
“Locating a relatively newly constructed, Class A building for sale in the New Jersey market is an extremely rare occurrence,” added Lubin.
Built in 2008, 650 Randolph Road is a Class A, side-load warehouse facility featuring 32 ft. clear height, 10 dock high loading doors with generous truck court depth, ESFR sprinkler system, LED lighting and ample car parking.
It is located approximately 1.5 miles from I-287 and across the street from Bridge Point Somerset, a 1.7 million-square-foot industrial park leased to Amazon and other active distributors. It sits within the Somerset submarket, which according to CoStar accounts for over 15 percent of northern New Jersey’s industrial inventory and has seen rapid rent growth in the last three years.
With its new acquisitions, EverWest now owns more than two million square feet of industrial product in the New York City metro area and has over 1.1 million square feet of industrial development in the pipeline.
This includes a 31-acre site purchased in early September at 400 and 600 Atrium Drive in Somerset, where EverWest will demolish an existing office building to develop 426,000 s/f of new Class A industrial space. It also includes a 125,963 s/f industrial site acquired in mid-September at 55-30 46th Street in Queens, New York under a long-term hold strategy.
Denver-based EverWest has $3.8 billion in assets under management as of third quarter 2021. The firm’s clients invest through separately managed accounts and commingled funds. A subsidiary of Canada-based GWL Realty Advisors, the company has regional investment offices in New York City, Charlotte, Los Angeles and San Francisco metro areas.