Woodmont Industrial on July 23 announced the sale of 85 New Brunswick Ave., a 101,425-square-foot Class-A distribution center in the Hopelawn section of Woodbridge.
Sold to EverWest, the property was pre-leased by Bentley Labs, a cutting-edge formulation and manufacturing partner to the world’s top beauty brands.
Woodmont Industrial completed vertical construction of the facility during the second quarter of 2021, filling Bentley’s need for high-quality distribution centers near the Port of Newark/Elizabeth.
The property is located within 15 miles of the port, a quarter-mile of Route 440, Route 9, New Jersey Turnpike and the Garden State Parkway, and features 36-foot clear heights and 12 dock doors with the option to expand to 24.
“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 CBRE team of Executive Vice President Mindy Lissner, First Vice President Robert Pine and Senior Vice President David Gheriani served as the property’s exclusive leasing agent and pre-leased the property to the single tenant on a long-term basis.
“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.”
Earlier this year, Woodmont and EverWest acquired 461 Ridge Road, a 144,551-square-foot industrial property located in South Brunswick, marking its first joint venture project.
EverWest also acquired 77 Moonachie Ave. in Moonachie from Woodmont in late 2017.