EverWest Real Estate Partners is pleased to announce the acquisition of 83 Stults Road, a 368,537 sf, 24' clear, rail-served warehouse on 45.7 acres.
The asset is located immediately off of Exit 8A entrance, which provides north and south access to I-95, the primary North South thoroughfare on the East Coast. The location is 35 miles south of the Port of Newark and 45 miles south of Manhattan. Exit 8A is the largest industrial submarket in the state of New Jersey.
The property includes a 16 acre development site that will allow for a new 200,000+ sf state-of-the-art industrial building. Construction is estimated to commence October 2017 with an approximate completion date of September 2018.
Mark Bigarel, Managing Director-Acquisitions with EverWest, comments, "EverWest is thrilled to be able to access this well located property off-market and are excited to add value to the existing building via capital improvement plan and also develop a state-of-the-art distribution facility on the adjacent site while being so close to the entrance of the Exit 8A Park."
EverWest acquired the 83 Stults Road asset on behalf of a separate account with an institutional investor.