Woodmont Industrial Partners acquired a 30,000-square-foot warehouse and distribution facility in Lyndhurst, according to a Tuesday announcement.
Located at 2 Terminal Road, the building features 18-foot ceilings, two loading docks, two drive-in doors, ample parking and access to two of New Jersey’s major state highways, Route 3 and Route 17.
Michel Schaible and Troy Wisse of Lee & Associates represented Woodmont in the purchase of the property and will market the property for lease.
The property is available for immediate occupancy.
“With its ideal location amidst several of New Jersey’s main thoroughfares, the Meadowlands submarket continues to experience a high demand for quality industrial space, particularly from companies looking to establish last-mile delivery operations,” Anthony Amadeo, executive vice president of Woodmont, stated. “We’re excited to begin the redevelopment of 2 Terminal Road, and to continue to expand our industrial portfolio in major corridors throughout the United States.”
With vacancy rates below 2%, the Meadowlands is one of the most sought-after submarkets in the country.
“We are pleased to continue our investment in New Jersey’s Meadowlands,” Steven Beyda, senior vice president of industrial acquisitions at Woodmont, said. “Situated just a few miles outside of New York City, the Meadowlands submarket is attractive to industrial warehouse and distribution tenants in search of strong labor, proximity to densely populated areas, and a nearby diversified business base.”