The Diamond Chemical headquarters, laboratory and manufacturing center at Union Avenue and Dubois Street in East Rutherford — Courtesy: EverWest Real Estate Investors
By Joshua Burd
EverWest Real Estate Investors has acquired an East Rutherford industrial building for more than $37 million, in the latest addition to its fast-growing portfolio in the state.
Based in Denver, the investment manager said it purchased the 117,000-square-foot property as part of a sale-leaseback with Diamond Chemical. The privately owned cleaning and sanitizing product firm will continue to occupy the entire building at Union Avenue and Dubois Street, which serves as its headquarters, laboratory and manufacturing center.
“As a sale-leaseback, this acquisition provides secure conditions under which EverWest can continue to grow its footprint in this highly coveted U.S. industrial submarket,” said John Maurer, a senior vice president of portfolio management with EverWest. “The Meadowlands offers unmatched access to the ports and the tristate population, with a lack of supply and historic demand that is further amplifying value.”
In announcing the $37.1 million deal, EverWest noted that vacancy in the Meadowlands submarket is less than 2 percent, while the area has seen consistent, 15 percent rent growth year over year. Its other holdings in the region include a three-building industrial portfolio in Moonachie, which it acquired last December for $66 million, while it owns more than 2.7 million square feet of industrial space across New York and New Jersey.
The firm’s newest acquisition has a 26-foot clear ceiling height, 10 dock-high doorsand one drive-in, along with 30-foot-by-40-foot column spacing, heavy power, ample parking and 16,000 square feet of office space.