New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

New York & Tri-State  + New Jersey  + Industrial  | 
Joint Venture in $54M New Jersey Industrial Buys

Joint Venture in $54M New Jersey Industrial Buys

Following their joint venture announcement in late 2021, real estate investor Oxford Properties Group and real estate investment management firm EverWest Real Estate Investors have closed on US$54 million in industrial acquisitions spanning four properties in high-demand central New Jersey locations. 

The Oxford/EverWest JV’s objective is to acquire and develop $1.0 billion gross asset value of infill, light industrial properties, focusing on properties in major U.S. growth industrial markets. The New Jersey acquisitions represent a mix of core-plus, redevelopment and development strategies:

Core-Plus:

65 Brunswick Avenue – Edison113,079-square-foot warehouse building purchased for US$21.0 million via sale-leaseback with ISC Gums. Features 20 – 24’ clear height, 100’ truck courts, 11 dock-high/drive-in doors and 4,000 amps of power. The site is located minutes from I-287 and Exit 10 of the New Jersey Turnpike, and less than 30 miles from Port Newark and Manhattan.

Redevelopment:

9 Cotters Lane – East  Brunswick78,000-square-foot vacant Class C warehouse purchased off-market for US$18.0 million. Oxford and EverWest plan to redevelop the 8-acre site into a high-cube modern logistics facility minutes from Exit 9 of the New Jersey Turnpike, Routes 1 and 18, and approximately 30 miles from Port Newark and New York

Development:

Cabot Drive & Route 130 – Hamilton: Approximately 73 undeveloped acres purchased off-market for US$15.0 million. Oxford and EverWest plan to develop two state-of-the-art warehouse distribution facilities consisting of approximately 54,000 and 123,000 square feet, respectively. Features will include 36’ clear height with generous loading positions and parking, minutes from I-195 and Exit 7A of the New Jersey Turnpike, within a submarket boasting a sub-1 percent Class A industrial vacancy rate.

Connect

Inside The Story

Oxford Properties Group

About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

  • ◦Sale/Acquisition