Jersey distribution center sold for $ 22 million

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Woodmont Industrial Partners sold the newly built distribution center in Woodbridge, NJ to Denver-based EverWest Real Estate Investors for $ 22.5 million.

In the second quarter of 2021, the developer completed 101,425 premises at 85 New Brunswick Avenue and leased it to the cosmetics company Bentley Labs. The prestigious cosmetics developer and manufacturer was recently acquired by The Hut Group for $ 255 million and contains a state-of-the-art 125,000 sq. M in Edison, where it formulates, manufactures and packages a range of skincare beauty products. hair care products and markets for bath and body.

“We are incredibly proud of our ability to deliver on our plans for this property and to meet the huge demand for well-located retail space,” said Anthony Amadeo, Vice President, Woodmont Industrial Partners.

“This transaction is a testament to Woodmont’s ability to see our transactions throughout their lifecycle – we purchased the raw land, worked side-by-side with the municipality to provide the site, and realized our vision for a Class A facility that was well received. market “.

Earlier this year, Woodmont and EverWest acquired 461 Ridge Road, 144,551 industrial properties located in South Brunswick in their first joint venture. EverWest also acquired 77 Moonachie Avenue in Munachie, NJ from Woodmont in late 2017.

Steve Feinberg, Director of Northeast Acquisitions at EverWest, commented, “As we continue to strategically expand our portfolio, we tremendously value our relationship with Woodmont and look forward to expanding our partnership in the future.”

85 New Brunswick Avenue is 15 miles from the port, a quarter mile from Highways 440, 9, New Jersey Turnpike and Garden State Parkway, and is 36 feet high and has 12 dock doors expandable to 24.

The CBRE team of Executive Vice President Mindy Lissner, First Vice President Robert Pine and Senior Vice President David Geriani acted as the exclusive lease agent for the property and leased it to Bentley Labs.

In early 2018, EverWest was acquired by GWL Realty Advisors (GWLRA), one of Canada’s largest real estate investment managers, backed by Great-West Lifeco, a leading Canadian international financial services company. EverWest is part of Great-West Lifeco’s global real estate platform and serves as the company’s US investment platform, providing synergistic growth opportunities led by a nationally recognized team of real estate experts.

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