Woodmont Industrial Partners has sold a newly-built distribution center in Woodbridge, NJ, to Denver-based EverWest Real Estate Investors for a reported $22.5 million.
The developer finished building the 101,425 s/f facility at 85 New Brunswick Avenue in the second quarter of 2021 and leased it to cosmetics company, Bentley Labs. The prestige beauty developer and manufacturer was recently acquired by The Hut Group for $255 million and maintains a 125,000 s/f state-of-the-art facility in Edison where it formulates, manufactures and packages a range of cosmetic products within the skin care, hair care and bath and body markets.
“We’re incredibly proud of our ability to bring our plans for this property to fruition and meet the tremendous demand for well-located distribution space,” said Anthony Amadeo, Vice President at Woodmont Industrial Partners.
“This deal is indicative of Woodmont’s ability to see our deals through their entire lifecycle — we acquired the raw land, worked side by side with the municipality to entitle the site, and executed on our vision to build a class A facility that was well received by the market.”
Earlier this year, Woodmont and EverWest acquired 461 Ridge Road, a 144,551 s/f industrial property located in South Brunswick, marking their first joint venture project. EverWest also acquired 77 Moonachie Avenue in Moonachie, New Jersey from Woodmont in late 2017.
Steve Feinberg, EverWest’s Director of Northeast Acquisitions, commented, “As we continue to strategically grow our portfolio, we extremely value our relationship with Woodmont and look forward to growing our partnership in the future.”
85 New Brunswick Avenue is located within 15 miles of the Port, a quarter-mile of Route 440, Route 9, New Jersey Turnpike and the Garden State Parkway, and features 36 ft. clear heights and 12 dock doors with the option to expand to 24.
The CBRE team of Executive Vice President Mindy Lissner, First Vice President Robert Pine and Senior Vice President David Gheriani served as the property’s exclusive leasing agent and preleased the property to Bentley Labs on a long-term basis.
In early 2018, EverWest was acquired by GWL Realty Advisors (GWLRA), one of Canada’s largest real estate investment managers with the backing of Great-West Lifeco, a leading Canadian international financial services company. EverWest is a part of Great-West Lifeco’s global real estate platform and serves as the company’s U.S. investment platform, providing synergistic growth opportunities led by a nationally recognized team of real estate experts.
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July 28, 2021 at 04:19AM
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Jersey distribution center sold for $22M - Real Estate Weekly
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