The partners acquired 461 Ridge Road, a 144,551-square-foot property, in a sale-leaseback deal with an undisclosed seller. Financial terms also were not disclosed.
“As we strategically grow our industrial portfolio of well-located and high-quality assets, we’re thrilled to also build a longstanding relationship with EverWest Real Estate Investors,” Eric Witmondt, Woodmont principal, said in a prepared statement. “With tremendous potential for industrial, bolstered by skyrocketing demand for e-commerce, we’ll continue to seek out value-add opportunities in key markets across the U.S.”
David Blitt of Bussel Realty represented the seller in this transaction. The seller has signed a short-term lease on the property, the partners noted, and they plan to renovate it upon lease expiration to best meet demand from prospective logistics and distribution users.
This deal represents the first joint venture between Woodmont and EverWest, and their second transaction together, following a distribution facility in the Meadowlands. The JV has several other potential deals in the pipeline, it noted.