A rendering of 77 Moonachie Ave. in Moonachie — Courtesy: Woodmont Industrial Partners
By Joshua Burd
The industrial arm of Woodmont Properties has sold a 104,000-square-foot warehouse in Moonachie, whose new owner is now planning a major renovation at the building.
The buyer, EverWest Real Estate Partners, acquired 77 Moonachie Ave. from Woodmont Industrial Partners for an undisclosed price. As part of the transaction, Woodmont has developed a comprehensive upgrade plan that includes raising the roof to a 28-foot clear height, adding new loading docks, installing a glass façade and modernizing entrances.
Plans also call for upgrading the offices and improving the parking lot at the property, which is within 10 miles of the Lincoln Tunnel and the George Washington Bridge.
“We were pleased to use our expertise to add value by delivering the necessary approvals to renovate and revitalize this property,” said Eric Witmondt, CEO of Woodmont Industrial Partners. “The improvements that EverWest will now shepherd to completion will make 77 Moonachie Avenue attractive to a wide array of tenants.”
Over the past five years, Woodmont Industrial Partners said it has focused on acquiring properties in the high-barrier-to-entry seaports of New York and New Jersey, plus the inland ports of the Lehigh Valley and Central Pennsylvania. The company, which has embarked on aggressive acquisition goals for 2018, continues to strategically grow its portfolio with value-add properties.
The deal caps off a year in which Woodmont Industrial Partners transacted more than 2 million square feet of strategically located industrial properties across New Jersey and Pennsylvania, the news release said. For EverWest, a Denver-based real estate investment and operating firm, the acquisition provides it with a property in the heart of the Meadowlands industrial submarket.
The building is across from the Teterboro Airport and offers quick access to Interstate 80 and routes 46 and 3. It’s also about 20 minutes from the northern New Jersey port district.
Other features include heavy power and separate car and truck access, the news release said. The property also has parking for more than 100 cars and 15,000 square feet of mezzanine office and storage space.
Accordia Realty Ventures is overseeing the redevelopment for EverWest. Other planned upgrades include upgrading the landscaping and site lighting and adding dock doors.
The firms have partnered on two other projects. At 83 Stults Road in South Brunswick, Accordia and EverWest acquired an existing 350,000-square-foot warehouse with excess land, where they will build a new 210,000-square-foot warehouse.
The firms are also under contract to acquire another site, where they will construct a new 150,000-square-foot industrial building.