135, 137-141 and 170 West Commercial Ave. in Moonachie — Courtesy: EverWest Real Estate Investors
By Joshua Burd
An investment manager has acquired three Moonachie industrial buildings for nearly $66 million, adding more than 190,000 square feet to its fast-growing portfolio in New Jersey.
The Denver-based buyer, EverWest Real Estate Investors, said the deal includes 135, 137-141 and 170 West Commercial Ave., which range from 45,117 to 84,885 square feet and are fully leased. With the deal, the firm has expanded its foothold in the top-tier Meadowlands submarket, having grown its overall portfolio in the tristate region to more than 2.25 million square feet.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema represented the seller in the $65.875 million deal.
“It is extremely rare for a three-building industrial portfolio to become available for sale in the Meadowlands,” said Stephen Feinberg, EverWest’s director of Northeast acquisitions. “Thank you to the Cushman & Wakefield team for helping to grow EverWest’s industrial presence in one of the nation’s most highly desirable submarkets.”
EverWest announced the deal Wednesday, noting that it has now completed nearly $200 million in acquisitions since September. Its latest purchase comprises three adjacent buildings that are minutes from routes 17 and 3, Interstate 80 and the New Jersey Turnpike, placing tenants within a 60-minute drive of more than 15.3 million consumers.
The properties are fully leased to Loomis Armored US, Paris Baguette and Toy Wonders, a toy importer, exporter and distributor, while building amenities include 26 total loading positions and 243 parking spaces, with a configuration designed for high throughput. Tenant upgrades include a high-quality cold storage infrastructure, a fleet maintenance facility and security upgrades for the management of cash and precious metals.
“Representing multigenerational ownership in this transaction was a pleasure,” Schmidt said. “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.”
