Woodmont Industrial Partners (WIP), a national developer and owner of industrial properties, and EverWest Real Estate Investors, an institutional real estate investment and operating company, announced the acquisition of 461 Ridge Road, a 144,551 s/f industrial facility in South Brunswick, New Jersey.
The property was acquired from industrial recycling company GDB International, which has leased back the facility on a short-term basis. David Blitt of Bussel Realty represented the seller.
Woodmont and EverWest plan to renovate the existing facility upon lease expiration, enhancing building specifications to best meet the demand from distribution and logistics users.
Located in the established Exit 8A submarket, the property is just five miles from the New Jersey Turnpike and less than two miles from Route 130. Key building features include 22 ft. clear height, 22 dock doors, three drive-in doors, 120-foot truck court and concrete tilt-up panels on a 12-acre site with building expansion opportunities.
“As we strategically grow our industrial portfolio of well-located and high-quality assets, we’re thrilled to also build a longstanding relationship with EverWest Real Estate Investors,” said Eric Witmondt, principal of Woodmont Industrial Partners. “With tremendous 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.”
“This property’s existing functionality and low coverage provided an attractive acquisition opportunity in one of New Jersey’s best performing submarkets,” said Steve Feinberg, EverWest’s Director of Northeast acquisitions. “EverWest is excited to grow its partnership with Woodmont on future opportunities.”
This deal marks the first joint venture project between Woodmont Industrial 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 redevelopment and ground-up opportunities.
Over the last several years, WIP has transacted on four million square feet of industrial space located in a number of intermodal Eastern markets. Woodmont Industrial intends to aggressively expand its existing pipeline in the region by adding existing value-add opportunities and/or land for development within the next 12-24 months in major transportation 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 acquisitions in key growth markets such as New Jersey, Seattle, Nashville, Denver, Miami and Southern California.
According to public records, GDB International acquired the New Brunswick property for $4.8 million in 2018 under the name BMB Properties & Management.