Woodmont continues industrial expansion with NJ acquisition

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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.

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