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 owned cleaning and sanitizing product companies.
The property adds to EverWest’s existing presence in the Meadowlands, which was established last December with a $66 million, three-building industrial portfolio acquisition in Moonachie. EverWest currently owns more than 2.7 million square feet of industrial space across New York/New Jersey.
“As a sale-leaseback, this acquisition provides secure conditions under which EverWest can continue to grow its footprint in this highly coveted U.S. industrial submarket,” EverWest Senior Vice President of Portfolio Management John Maurer stated. “The Meadowlands offers unmatched access to the ports and the tri-state population, with a lack of supply and historic demand that is further amplifying value.”
Located at Union Avenue and Dubois Street in East Rutherford, the building sits within a submarket boasting a sub-2% vacancy rate and a consistent, 15% year-over-year rent growth. The building is leased by Diamond Chemical, which under the sale-leaseback terms will continue to fully occupy the property as a company headquarters, laboratory and manufacturing center.
Features of the building include 26-foot clear height, 10 dock-high and one drive-in doors, up to 215-foot building depths, 30’ x 40’ column spacing, heavy power, ample parking and 16,000 square feet of well-maintained office space.
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