EverWest adds to Meadowlands portfolio with $37.1 million industrial purchase in New Jersey
Leading commercial real estate firm EverWest Real Estate Investors further expanded its New Jersey industrial portfolio with a $37.1 million warehouse acquisition. Negotiated as a sale-leaseback, the 117,000 square foot building is fully occupied by Diamond Chemical, one of the nation’s largest privately held cleaning and sanitizing product companies.
“As a sale-leaseback, this acquisition provides secure conditions under which EverWest can continue to grow its presence in this coveted U.S. industrial submarket,” said John Maurer, senior vice president of portfolio management at EverWest. “The Meadowlands offers unparalleled access to ports and tri-state population, with a lack of supply and historic demand further magnifying value.”
Located on Union Avenue and Dubois Street, the Meadowlands building is in a submarket with a vacancy rate of less than 2% and steady rent growth of 15% year over year. The building is leased to Diamond Chemical, which under sale-leaseback terms will continue to fully occupy the property as its corporate headquarters, laboratory and manufacturing facility.
Building features include 26′ clear height, 10 dock doors and a front door, construction depths up to 215′, 30′ x 40′ column spacing, high horsepower, a ample parking and 16,000 square feet of well maintained office space.
The property adds to EverWest’s existing presence in the Meadowlands, which was established last December with the acquisition of a three-building, $66 million industrial portfolio in Moonachie. EverWest currently owns over 2.7 million square feet of industrial space in New York/New Jersey.
The company continues to pursue industrial acquisition opportunities in the Meadowlands and the greater New York/New Jersey market.
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