85 New Brunswick Ave. in Hopelawn — Courtesy: Woodmont Industrial Partners
By Joshua Burd
An affiliate of Woodmont Properties has sold a newly built, fully leased industrial property in Woodbridge to a buyer that has also become one of its newest joint venture partners.
The firm, through what’s known as Woodmont Industrial Partners, recently completed vertical construction of the 101,425-square-foot distribution center at 85 New Brunswick Ave., having preleased it to Bentley Labs. EverWest Real Estate Partners purchased the property, located in the township’s Hopelawn section, for an undisclosed price.
“We’re incredibly proud of our ability to bring our plans for this property to fruition and meet the tremendous demand for well-located distribution space,” said Anthony Amadeo, vice president at Woodmont Industrial Partners. “This deal is indicative of Woodmont’s ability to see our deals through their entire lifecycle — we acquired the raw land, worked side by side with the municipality to entitle the site, and executed on our vision to build a Class A facility that was well received by the market.”
The developer said Bentley, a formulation and manufacturing partner to the world’s top beauty brands, leased the property thanks in part to its need for high-end distribution space near Port Newark-Elizabeth. The complex is within 15 miles of the shipping terminal and a quarter-mile from highways such as Route 440, Route 9, the New Jersey Turnpike and the Garden State Parkway, providing the tenant with access to the entire state and to Staten Island.
It also features 36-foot clear heights and 12 dock doors with the option to expand to 24.
CBRE Executive Vice President Mindy Lissner, First Vice President Robert Pine and Senior Vice President David Gheriani served as the property’s leasing agent and secured the long-term commitment from Bentley.
“Bentley Labs’ long-term commitment prior to construction completion validates the asset’s market-leading specifications and location,” said Steve Feinberg, EverWest’s director of Northeast acquisitions. “As we continue to strategically grow our portfolio, we extremely value our relationship with Woodmont and look forward to growing our partnership in the future.”
The deal follows Woodmont and EverWest’s recent acquisition of 461 Ridge Road, a 144,551-square-foot industrial property in South Brunswick, marking their first joint venture. EverWest also acquired 77 Moonachie Ave. in Moonachie from Woodmont in late 2017.