Oxford Properties Group and EverWest Real Estate Investors recently purchased a series of properties including 65 Brunswick Ave. in Edison, 9 Cotters Lane in East Brunswick and a 73-acre tract at Cabot Drive and Route 130 in Hamilton. — Courtesy: Oxford/EverWest
By Joshua Burd
A joint venture has made three new additions to its New Jersey industrial holdings, acquiring a long-term investment property and two development sites for a combined $54 million.
The acquisitions by Oxford Properties Group and EverWest Real Estate Investors include a 113,079-square-foot warehouse at 65 Brunswick Ave. in Edison. The partnership paid $21 million for the property, which is minutes from Interstate 287 and the New Jersey Turnpike, under a sale-leaseback with ISC Gums.
The companies noted that the building has 20- to 24-foot clear ceiling heights, 100-foot truck courts, 11 dock-high and drive-in doors and 4,000 amps of power.
Additionally, Oxford and EverWest purchased a vacant 78,000-square-foot property at 9 Cotters Lane in an off-market, $18 million deal, according to a news release. They now plan to redevelop the eight-acre site into a high-cube, modern logistics facility minutes from Exit 9 of the Turnpike, routes 1 and 18 and around 30 miles from Port Newark-Elizabeth.
The team also is planning two new buildings of 54,000 and 123,000 square feet at Cabot Drive and Route 130 in Hamilton, following their acquisition of around 73 undeveloped acres. Features will include 36-foot clear ceiling heights with generous loading positions and parking, capitalizing on a location minutes from Interstate 195 and Exit 7A of the Turnpike.
“These transactions illustrate this partnership’s strategy of acquiring and developing highly functional logistics product in top-performing markets,” said Stephen Feinberg, director of Northeast acquisitions for EverWest. “We will continue to selectively target development and acquisition opportunities in these and other key U.S. growth markets and, together with Oxford, will transact efficiently to secure them.”
The firms launched the joint venture late last year and have since purchased 15 light industrial assets and development opportunities across greater New Jersey and other regions.
“Our partnership with EverWest helps us to source both on- and off-market logistics opportunities across markets in the U.S. that benefit from population growth and the increasing need for physical infrastructure that services the digital economy,” said Ankit Bhatt, vice president of investments at Oxford Properties. “These transactions signify further sustained, yet highly targeted, growth against one of our highest conviction global investment strategies to buildout an end-to-end U.S. logistics business of scale.”
