Woodmont Industrial Companions, along with EverWest Actual Property Traders, has began work on an industrial venture in South Brunswick, N.J. The developer will renovate an present 145,000-square-foot warehouse and broaden it by 65,000 sq. ft. The venture, representing the fourth three way partnership between the 2 firms, is slated for completion this summer time.
In 2022, Woodmont added almost 6 million sq. ft of business house to its portfolio, whereas its development and renovation pipeline totals greater than 11 million sq. ft. The corporate is lively in Northeastern states together with New Jersey, New York and Pennsylvania, but additionally in Florida and Texas.
Venture particulars
The partnership bought the 12.8-acre property in December 2020 for $19.8 million, CommercialEdge knowledge exhibits. When full, the improved facility will provide 32-foot clear heights, 30 loading doorways, 4 drive-in doorways and ample parking spots. Bussel Realty Corp. Senior Vice President David Blitt and Gross sales Affiliate Eli Harari will market the asset for lease.
Positioned at 461 Ridge Street, the commercial facility is 14 miles from Edison, N.J., 18.7 miles from Trenton, N.J., and inside 32 miles of Staten Island, N.Y. Being near Interstate 95 in New Jersey’s Exit8A submarket, the property permits easy accessibility to 33 % of the U.S. inhabitants inside at some point’s drive, Woodmont Government Vice President Anthony Amadeo mentioned in ready remarks.
One other venture is transferring ahead in the identical space. In December, Brookfield Properties introduced plans for a 325,710-square-foot Class A industrial facility in East Windsor, N.J. Additionally positioned near Interstate 95, the venture has an estimated date of completion in 2024.