Construction of 36 Additional Dock Doors Underway at I-78 Logistics Center in Clinton, N.J.
Woodmont Industrial Partners, LLC (WI Partners) today announced that construction is underway for an additional 36 dock doors at the I-78 Logistics Center at 111 Cokesbury Roadin Clinton, New Jersey. Additional capital improvements include upgrading the lighting, HVAC and sprinkler systems and once the improvements are complete, the property will be a state-of-the-art regional distribution center for companies that service customers and retailers throughout the Northeast.
Woodmont and AEW Capital Management, L.P (AEW), recently formed an investment platform to acquire industrial properties in seaport and inland port markets in the Eastern U.S. The venture acquired I-78 Logistics Center in Q1 2012.
With the additional 36, the building will have a total of 84 doors, which equates to one door per 8,700 square feet of building area.
“Modern distribution buildings typically have one door per 10,000 square feet, the increase in the number of dock doors will enhance the functionality of the building to help meet the increased distribution needs for companies that distribute products throughout the Northeast,” said Gene Preston, Managing Principal, Woodmont Industrial. “We also believe the prime location along the toll-free I-78 is a tremendous benefit, which should result in significant savings for potential tenants.”
Built in 1978 and renovated in 1997, the 729,000-square-footI-78 Logistics Center sits on a 100-acre tract of land located immediately off of exit 20B along Interstate 78. The property is just 40 miles west of the Ports of Newark and Elizabeth and in close proximity to New York City, Newark International Airport, the Lehigh Valley and Philadelphia.
The facility offers 10,000 square feet of finished office space, a 24-foot clear ceiling height in the original 360,000-square-foot section and a 35-foot clear ceiling height in the 369,000-square-foot new section. Additionally the building has a power grid of 2,500 amps at 480 volts, as well as gas-fired, roof-mounted heat units. There is trailer parking for approximately 150 spaces and car parking for approximately 200 spaces.
Jones Lang LaSalle (JLL) has been hired as the exclusive leasing agent for the property, which is currently vacant. According to analysis performed by the JLL’s Supply Chain and Logistics Solutions Team using a proprietary modeling tool, the I-78 Logistics Center ranked first out of eight popular regional distribution locations based on its proximity to the Northeast Regional and U.S. population, as well as access to Port Newark/Elizabeth and regional intermodal ramps, various transportation benefits among other criteria.
WI Partners is an affiliate of leading real estate development and management firm Woodmont Properties, and is led by a group of commercial real estate industry veterans with highly successful investment and development track records in its target industrial markets, including Managing Principal Eugene Preston, and Principals Eric Witmondt and Marc Lebovitz. Collectively, the principals of WI Partners have acquired or developed more than 14 million square feet of properties in such states as New Jersey, Pennsylvania, Florida, California and Texas.
WI Partners is initially focused on opportunities in the seaports of New York/New Jersey, Baltimore and South Florida, as well as the inland ports of the Lehigh Valley and Harrisburg areas of Pennsylvania. The division is seeking industrial properties with value-add opportunities within these target markets to create a portfolio of high-quality, cash flowing industrial buildings and development opportunities.
About Woodmont Industrial Partners
Woodmont Industrial Partners (WI Partners) is an affiliate of Fairfield, New Jersey based Woodmont Properties, a fully integrated real estate investment company established in 1963. WI Partners was formed in 2011 to focus on the acquisition of industrial properties with value-add opportunities in select, high-barrier-to-entry and globally oriented seaport and inland port markets in the Eastern United States. WI Partner’s goal is to create a portfolio of high-quality assets via the acquisition of individual properties or portfolios as well as development opportunities. www.woodmontindustrialpartners.com
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $33 billion of capital invested in over $47 billion of property and securities in North America, Europe and Asia (as of March 31, 2012). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Singapore and Hong Kong, as well as additional offices in nine European cities. For more information please visit www.aew.com.