About four years after breaking ground at 51 New Brunswick Ave., Woodmont Industrial Partners has sold a Class A industrial facility in Woodbridge.
Sagard Real Estate purchased the property, according to a Feb. 20 announcement. Financial terms were not disclosed. The 54,113-square-foot warehouse offers direct access to the New Jersey Turnpike, Garden State Parkway, Route 9 and Port Newark-Elizabeth.
Delivered in 2023, R.A.S. Logistics leases the space on a long-term basis. Woodmont noted the new sale reflects strong, long-term positioning for the project.
It also helps build sector momentum for the Woodmont, as it advances new ground-up developments, repositions projects and scores successful lease-ups across active markets.
Woodmont Industrial Partners is a joint venture between Fairfield-based Woodmont Properties and third-party logistics providers Romark Logistics. It acquired the property in April 2022.
51 New Brunswick Ave. features:
- 32-foot clear ceiling heights
- Seven exterior dock doors
- One drive-in door
- 2,300 square feet of office space designed for modern distribution and last-mile users
“Our focus is to deliver high-quality logistics facilities in markets where demand for modern industrial space remains strong,” said Woodmont Executive Vice President Anthony Amadeo. He described working with the township of Woodbridge throughout the redevelopment process as “a pleasure.”
“Properties like 51 New Brunswick Ave. that have direct access to port infrastructure and major transportation corridors continue to attract strong interest,” Amadeo continued. “And this submarket offers exceptional connectivity that supports distribution throughout the Northeast.”
Sagard Director of Acquisitions Belah Terentjev said the property checked boxes for location and functionality. “Woodmont’s high-caliber execution, coupled with the property’ strategic location and strong tenant profile make it a compelling long-term investment, and we believe it will remain highly attractive to both users and capital in the years ahead,” Terentjev continued.
Last summer, Sagard added 116-unit multifamily Highlands at Morris Plains to its local footprint.
Woodmont Industrial Partners’ current portfolio totals over 7.2 million square feet across New Jersey, Pennsylvania and Florida.
Earlier this month, Woodmont Industrial and partner Joseph Jingoli & Son Inc. delivered another 152,100-square-foot property to Middlesex County. A Chinese 3PL leases 96,000 square feet at the 111 Main St. property.
Meanwhile, in Somerset County, a project to redevelop more than 30 acres of former office space into a new industrial complex is underway. Plans for 400 Atrium Drive call for adding more than 370,000 square feet of industrial space.
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