In a sign of the industrial sector’s continued upward trajectory, Denver-based EverWest Real Estate Investors has acquired a 215,000-square-foot New Jersey warehouse property for $62 million in an all-cash deal, Commercial Observer has learned.
The single-story industrial asset is on 28 acres at 329 New Brunswick Avenue in Rahway, N.J. The seller was identified as an entity called 329 New Brunswick Avenue Owners LLC.
Stephen Feinberg led the off-market deal for EverWest.
Meridian Capital Group’s Abie Kassin and Isaac Filler arranged the transaction on behalf of both the buyer and seller.
“This unique asset attracted interest from a wide range of institutional investors,” Filler said in a statement. “The insatiable demand for New Jersey industrial assets helped us achieve a record price-per-square-foot on behalf of the seller.”
The property is situated close to the I-95 New Jersey Turnpike. It is also within 30 minutes of the Port of Newark, Newark Liberty Airport, the Holland Tunnel and the Lincoln Tunnel.
EverWest has been active in recent months buying industrial properties across the New York City region. This included a roughly $57.3 million, all-cash purchase of a 70,500-square-foot logistics facility at 55-30 46th Street in Maspeth, Queens, last September from Wharton Equity Partners.