EverWest Realty Partners’ industrial expansion in the tri-state area continued last week with the purchase of a New Jersey portfolio for almost $66 million.
The company acquired a three-building portfolio in Moonachie for about $65.9 million, according to Real Estate Weekly. The 190,000-square-foot portfolio stretches across three addresses: 135, 137-141 and 170 West Commercial Avenue in the Meadowlands, a high-demand infill location in northern New Jersey.
Stephen Feinberg, EverWest’s director of Northeast Acquisitions, led the deal for the buyer. The seller, who was not disclosed, was represented by a Cushman & Wakefield team including Gary Gabriel and Kyle Schimdt.
“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,” Schmidt told REW.
The portfolio is located near several major highways, allowing for easy access to millions of potential customers. It is also located within 14 minutes of New York City and 20 minutes of both the Port of New Jersey/New York and Newark Liberty International Airport.
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The portfolio is fully leased to tenants including Loomis Armored US, Paris Baguette and Toy Wonders. Features include 26 loading positions, 243 parking spaces and high-quality cold storage infrastructure.
The acquisition is the latest in a series of industrial deals for EverWest. REW reported the firm has spent nearly $200 million acquiring tri-state industrial real estate assets in recent months, expanding its portfolio beyond 2.2 million square feet. The company is reportedly looking for more opportunities in the Meadowlands and beyond.
In September, EverWest closed on a $57.3 million industrial purchase in Maspeth, Queens. The firm bought the 70,500-square-foot facility at 55-30 46th Street from Wharton Industrial, a platform of Wharton Equity Partners.
The Denver-based real estate investment advisor has $3.8 billion of assets under management.
Industrial real estate is hot everywhere, but the warehouse market in New Jersey is so hot that there’s virtually no vacancies. A report from JLL released in November showed the vacancy rate for Class A properties in the state to be down to 0.2 percent.
[REW] — Holden Walter-Warner