Investment in Meadowlands Industrial Submarket
Woodmont Industrial Partners (WIP), a leading real estate development and management firm, today announced the acquisition of 77 Moonachie Avenue, a 104,000-square-foot industrial building in Moonachie, New Jersey.
“We were attracted to this investment opportunity largely due to the property’s strategic location,” said Eric Witmondt, principal of Woodmont Industrial Partners. Located within 10 miles of the Lincoln Tunnel and George Washington Bridge, the property is in close proximity to Routes 80, 46 and 3. The warehouse is in the heart of the Meadowlands submarket, which remains the strongest submarket in northern New Jersey, and is just 10 miles from the Port of New York/New Jersey. Woodmont will continue to seek investment opportunities in the Meadowlands market with similar core and value-add attributes.
The property, currently features seven loading dock doors, a new roof, heavy power, ample parking and 14,000 square feet of mezzanine space.
Woodmont Industrial has a strong track record of acquiring and revitalizing industrial properties in key submarkets across the northeast US. The firm currently owns over 2M square feet in New Jersey and Pennsylvania.
Cushman & Wakefield Senior Vice President Thomas E. Tucci and Associate Vice President Thomas Tucci represented the seller in the transaction.
About Woodmont Industrial Partners
Woodmont Industrial Partners is an affiliate of Fairfield, New Jersey-based Woodmont Properties, a leading real estate development and management firm established in 1963. Woodmont Industrial Partners was formed in 2011 and is focused on acquisition opportunities in select, high-barrier-to-entry and globally oriented intermodal seaport locations of New York/New Jersey, and the inland ports of the Lehigh Valley and Central Pennsylvania. The goal is to create a portfolio of high-quality assets via the acquisition of individual properties as well as development opportunities. www.woodmontindustrialpartners.com
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
