EverWest is adding to its New Jersey portfolio with the acquisition of a 117,000-square-foot warehouse located in the Meadowlands.
The Denver, Colo.-based real estate investment management firm announced sale-leaseback of the East Rutherford industrial property for $37.1 million July 5.
The building located at Union Avenue and Dubois Street is fully occupied by Diamond Chemical. The privately owned cleaning and sanitizing product company will continue to occupy the full property as its headquarters, laboratory and manufacturing center under the sale-leaseback terms, according to EverWest.
The Meadowlands industrial market is one of the most in-demand in the state, boasting a vacancy rate under 2%, and rent growth according to EverWest at 15% year over year. At the end of the second quarter, the average asking rent in the Meadowlands industrial submarket was $16.40-per-square-foot.
The property features:
- 16,000 square feet of office space
- 26-foot clear heights
- 10 dock-high doors and one drive-in
- up to 215-foot building depths
- 30-foot by 40-foot column spacing
- heavy power and parking
“As a sale-leaseback, this acquisition provides secure conditions under which EverWest can continue to grow its footprint in this highly coveted U.S. industrial submarket,” said EverWest Senior Vice President of Portfolio Management John Maurer. “The Meadowlands offers unmatched access to the ports and the tri state population, with a lack of supply and historic demand that is further amplifying value.”
The acquisition expands EverWest’s Garden State portfolio, which currently includes 25 properties — about half of which are industrial. The company entered the Meadowlands market in December with its $66 million purchase of a three-building industrial portfolio in Moonachie.
EverWest, which has $4.7 billion in assets under management in all, said it currently owns more than 2.7 million square feet of industrial space throughout New Jersey and New York, and is seeking more industrial opportunities in the market, and in the Meadowlands.