Real estate

EverWest Real Estate Adds to NJ Industrial Portfolio with $37.1 Million Warehouse Acquisition

EverWest Real Estate Investors said it once again added to its New Jersey industrial portfolio with a $37.1 million warehouse acquisition in the Meadowlands. Negotiated as a sale-leaseback, the 117,000 square foot building is fully occupied by Diamond Chemical, one of the nation’s largest privately held cleaning and sanitizing product companies.

The property adds to EverWest’s existing presence in the Meadowlands, which was established last December with the acquisition of a three-building, $66 million industrial portfolio in Moonachie. EverWest currently owns over 2.7 million square feet of industrial space in New York/New Jersey.

“As a sale-leaseback, this acquisition provides secure conditions under which EverWest can continue to grow its footprint in this coveted U.S. industrial submarket,” said John Maurer, EverWest Senior Vice President, Managing of portfolio. “The Meadowlands offers unparalleled access to ports and tri-state population, with a lack of supply and historic demand further magnifying value.”

Located on Union Avenue and Dubois Street in East Rutherford, the building is in a submarket with a vacancy rate of less than 2% and steady rental growth of 15% year over year. other. The building is leased to Diamond Chemical, which under sale-leaseback terms will continue to fully occupy the property as its corporate headquarters, laboratory and manufacturing facility.

Building features include a clear height of 26 feet, 10 dock doors and an entrance door, construction depths of up to 215 feet, column spacing of 30′ x 40′, high power, a ample parking and 16,000 square feet of well-maintained office space.