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:
65 Brunswick Avenue – Edison: 113,079-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.
9 Cotters Lane – East Brunswick: 78,000-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
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.
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