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Thor Equities Adds to NJ Industrial Property Holdings
Thor Equities Group has acquired a 330,000-square-foot industrial asset in Passaic, NJ. The purchase price was undisclosed, but separately, Seven Hills Realty Trust said it provided a $47-million first mortgage bridge loan on the acquisition.
Located on 10.7 acres, the 100% leased 153 Linden St. offers proximity to an extensive highway network allowing distribution users to access one-third of the U.S. population within five hours. Additionally, the asset offers direct access to Port Newark.
“Given the extremely low supply and strong demand for well-connected assets in New Jersey, this acquisition is especially exciting for us as we expand our footprint in the Northeast,” said Thor chairman Joe Sitt.
153 Linden represents Thor’s third investment in Northern New Jersey in the past year, following acquisitions of a fully leased warehouse at 241 Oraton St. in Newark, and development site at 22 River Rd. in Bogota.
- ◦Sale/Acquisition
