EverWest/Woodmont JV Acquires New Jersey Office Property for $42.7 Million; Plans Two-Building Class A Industrial Campus

Stephen Feinberg

SOMERSET, NJ ---Underscoring the demand for prime infill industrial sites, EverWest Real Estate Investors, in joint venture with Woodmont Properties, has purchased a 351,782-square-foot office building and adjacent land site in Somerset, New Jersey.

The partnership plans to vacate and demolish the existing improvements for the development of two state-of-the-art, Class A warehouse/distribution buildings totaling over 426,000 square feet.

Anthony Amadeo

The redevelopment site totals approximately 31 contiguous acres at 400 and 600 Atrium Drive. 

It includes an existing, 351,782-square-foot office building and adjacent 7-acre undeveloped parcel.

Upon demolition of the office building, EverWest and Woodmont plan to build two Class A warehouse/distribution facilities totaling 294,000 square feet and 132,000 square feet, respectively.

The buildings will be designed to accommodate a large single user or can be easily divided for multiple tenancy.

Elli Klapper

“Somerset is one of the fastest-growing industrial submarkets in the New Jersey market, with limited existing availability, modest new speculative construction and a growing list of major users and investors turning their interest toward the area,” said EverWest’s Director of Northeast Acquisitions, Stephen Feinberg.

“This project will make the most of those fundamentals, capitalizing on a location that provides immediate access to I-287 while leveraging the area’s excellent labor pool.”

Kevin Dudley 

According to CoStar, industrial rents in Somerset have skyrocketed from below $4 per-square-foot in 2013 to almost $12 per-square-foot today. Current submarket industrial vacancy sits at approximately 4 percent.

Feinberg directed the transaction on behalf of EverWest, in collaboration with Anthony Amadeo of Woodmont and with representation by Elli Klapper, Kevin Dudley and Mark Silverman of CBRE.

The acquisition marks the third transaction in New Jersey between EverWest and Woodmont within the last nine months.

Mark Silverman

“Like most states, New Jersey is experiencing an office vacancy problem, with many employees working from home,” said Klapper.

 “Working with local municipalities in the state who are rezoning their towns allows owners to transition these vacant office buildings to warehouses, which is indirectly helping both the office and industrial sectors.

 "As clients are reducing their office footprints, owners are able to take this product off the market and demolish the buildings for industrial investors. This trend just speaks to how strong the demand is for industrial product in the region."

Contact: 

 

Stacey Hershauer

480.600.0195

stacey@focusaz.com

 

www.woodmontproperties.com. 

 www.everwest.com or www.gwlra.com.

Lincoln and Harvard Close on 585 Acres for Seven Million SF Goodyear AirPark in Goodyear, AZ

 Goodyear AirPark, Goodyear, AZ

 

 GOODYEAR, AZ – In a joint venture partnership, LPC Desert West, the Southwest regional office of Lincoln Property Company (LPC), and Scottsdale-based Harvard Investments have purchased 585 acres in metro Phoenix’s West Valley submarket for a major new, Class A industrial development called Goodyear AirPark.

Greg Vogel

Situated next to the Phoenix-Goodyear Airport, it is one of the last large industrial-zoned land parcel remaining in the immensely popular Goodyear, Arizona industrial market.

It also sits immediately adjacent to a Dark Fiber line, making it highly attractive for data center development – a market sector in which Phoenix ranks as a U.S. leader.

LPC and Harvard will break ground on Goodyear AirPark Phase I in Q1 2022, to include more than 1.6 million square feet of space in six buildings ranging from 81,000 square feet to 775,000 square feet.

David Krumwiede

At completion, the park will have the capacity to deliver up to 7 million square feet of industrial space in as many as 20 buildings. 

It will also offer a retail component, providing approximately 10,000 square feet of in-line and retail pad opportunities.

Cerberus Capital Management is the equity partner for LPC and Harvard on the project. Greg Vogel of Land Advisors represented the land seller, Sun MP.

“Goodyear AirPark represents one of the all-time most well-located and amenitized, shovel-ready industrial sites in LPC’s Desert West portfolio, happening at a time when demand for modern industrial product has never been higher,” said Lincoln Property Company Senior Executive Vice President David Krumwiede.

 Craig Krumwiede

“It is also the fourth partnership with my brother, Craig Krumwiede, and Harvard Investments –a proven partner with whom LPC has delivered multiple landmark metro Phoenix developments.”

The Goodyear AirPark site is generally bounded by Estrella Parkway, Bullard Avenue and State Route MC 85, a high-volume east/west trucking route connecting Goodyear with Mexico.

“Goodyear has become a live-work magnet, attracting residents and companies from across the region and nation,” said Harvard Investments President and CEO Craig Krumwiede.

The architect for Goodyear AirPark is Butler Design Group. The general contractor is yet to be selected. LPC Desert West will direct all leasing and property management.

To discuss leasing, investment or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.

 Contact: 

 

Stacey Hershauer

480.600.0195

stacey@focusaz.com

 

http://www.harvardinvestments.com/

Stream Realty Partners Opens Northern Virginia Office to be led by commercial real estate veteran Anthony Chang

 Anthony Chang 

 NORTHERN VIRGINIA –  Stream Realty Partners (Stream), a national commercial real estate services, development, and investment company, is opening an office in Northern Virginia. Twenty-year real estate veteran Anthony Chang will lead the office, serving as Managing Director.

Executive Managing Director and Partner Kyle Luby in Stream’s D.C. office said, “I’m really excited to add this location to our platform and provide strategic oversight for Anthony to take this office to the next level, cementing and growing our footprint in Northern Virginia.

Kyle Luby

"We plan on actively recruiting and quickly building out service line support to offer our clients a full scope of resources.”

Chang comes to Stream from WashREIT where, among his accomplishments as Vice President, Asset Management, he co-founded its flexible office program Space+.

Prior to WashREIT, he was a leasing broker with Cassidy Turley where he added more than 2.5 square feet in agency listings in less than three years.

Throughout his career, Chang has executed or advised on over $800 million in lease transactions.

 Contact: 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

www.stanjohnsonco.com

www.streamrealty.com.

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

Stan Johnson Co. arranges sale of Ward Stonebridge Square in Roswell, GA

Doug Clyburn

 ROSWELL, GA -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Ward Stonebridge Square located at 11255 Woodstock Road in Roswell, Georgia.

The 8,006-square-foot unanchored retail center was sold by Ward Stonebridge LLC, a Georgia-based private equity group. It was acquired by a private investor, also based in Georgia, for more than $1.5 million.

Doug Clyburn and Julie Clyburn of Stan Johnson Company represented both parties in the transaction.

“We sourced this off-market center for one of our clients looking for a well-located, value-add property,” said Doug Clyburn, Associate Director in Stan Johnson Company’s Alpharetta, Georgia office.

“Due to an absentee-owner situation, the center was only 34 percent occupied at the time of sale but has excellent upside potential given the five-mile population of 161,032 and an average household income of $174,415 within three miles.”

Julie Clyburn 

Ward Stonebridge Square was built in 2004 and is situated on 0.99 acres with outstanding visibility and access to Woodstock Road and West Crossville Road.

The two current tenants, That Dirty Dog and American Hair Cuts, have been in place for more than 10 years, and the center features three vacant suites between 1,200 and 2,150 square feet each.

Area tenants include Starbucks, Home Depot, Kohl’s, Wells Fargo, McDonald’s, Zaxby’s and many others.

 

Contact: 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

www.stanjohnsonco.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”