By Joshua Burd
Thor Equities Group has unveiled plans to build a new 150,000-square-foot industrial building in Bergen County, eyeing further expansion of its platform in northern New Jersey.
The New York-based firm announced the project Monday after closing on more than 10 acres at 14-22 River Road in Bogota, citing its location directly off Interstate 80. It’s now slated to build a modern logistics facility with 36-foot clear ceiling heights, 22 loading docks, eight exterior dock doors, three drive-in doors, 151 auto parking spaces and 25 trailer stalls.
The acquisition is Thor’s second industrial deal in North Jersey this year, following its addition of a 131,205-square-foot building at 241 Oraton St. in Newark. Commercial Observer reported that the firm paid some $50 million for the Bogota site, which is home to an older warehouse, in a deal brokered by JLL’s Marc Duval, Jordan Avanzato, Nick Stefans and Jose Cruz.
“Thor’s latest acquisition reflects our ability to identify strategically located assets in supply constrained markets,” said Joseph Sitt, chairman of Thor Equities. “Our new development will allow users efficient access to the most populous region in the United States, and we expect strong leasing activity as the demand for e-commerce continues to accelerate.”
The firm has also broken ground on projects outside Chicago and in Georgia.