Marking the fourth endeavor for partners Woodmont Industrial Partners and EverWest Real Estate Investors, work is underway to expand an industrial facility in South Brunswick.
Construction began recently at 461 Ridge Road that will completely renovate and add a 65,000-square-foot expansion to the existing 145,000-square-foot property.
When the work is done, Woodmont and EverWest say the expanded areas at the property will include ample surface parking, 30 loading doors, four drive-in doors and 32-foot ceiling heights. According to the partners, the project is slated for completion this summer.
Woodmont Industrial Partners and EverWest Real Estate Investors are renovating 461 Ridge Road in South Brunswick. – WOODMONT PROPERTIES / EVERWEST REAL ESTATE
“New Jersey’s Exit 8A submarket affords access to 33% of the U.S. population in a 24-hour drive time, making it an ideal location for companies looking to decrease transportation time and costs,” said Anthony Amadeo, executive vice president of Woodmont, in a statement. “We truly value our relationship with EverWest and are proud to partner with them on this project to further contribute to the supply of quality industrial space in a highly resilient market that continues to be in high demand.”
According to Transwestern’s fourth quarter industrial market report for New Jersey, the Exit 8A submarket posted an overall 3.7% direct vacancy rate for the period — higher than the 2.6% figure for the state. According to the report, more than 342,000 square feet of space were under construction in the Exit 8A submarket at the close of Q4.
Woodmont and EverWest acquired the 12-acre site in December 2020, according to an announcement from the pair.
Bussel Realty Corp. Senior Vice President David Blitt and Sales Associated Eli Harari will serve as the exclusive listing brokers for the property.
“Real estate and leasing fundamentals in this market remain strong and EverWest is looking forward to the delivery of several successful projects with Woodmont in 2023, including 461 Ridge Road,” said Krystal Arceneaux, EverWest’s head of asset management, in a prepared statement.
Woodmont Industrial Partners is a joint venture between Fairfield-based Woodmont Properties and Romark Logistics. In the past year, Woodmont said it has added approximately 6 million square feet to its portfolio via industrial acquisitions in the sector’s most active growth markets. Additionally, it is active in New Jersey, New York and Pennsylvania as well as Florida and Texas. The company said it currently has more than 11 million square feet in its active pipeline for development or renovation.
Currently, EverWest said it manages 890,522 square feet of industrial space in New York and New Jersey with another 646,805 square feet in development.
Together, Woodmont and EverWest have also partnered on projects in Franklin Township, Rahway and Woodbridge.
