Woodmont Industrial Partners & AEW Capital Management Acquires First Strategic Propterty in Clinton
CLINTON, N.J. (February 14, 2012)– Woodmont Industrial Partners (Woodmont Industrial) and AEW Capital Management (AEW), announced that they have jointly acquired the I-78 Logistics Centerlocated at 111 Cokesbury Road in Clinton, N.J. This is the first of what the venture hopes will be a number of strategic acquisitions of industrial properties in seaport and inland port markets in the eastern U.S. Woodmont Industrial and AEW anticipate acquiring $250 million of assets under this investment program. Target markets for the venture include Northern New Jersey, Eastern Pennsylvania, Baltimore, Washington and South Florida. AEW invested in the property on behalf of AEW Partners VI, the sixth in the firm’s series of opportunistic funds.
To further strengthen the investment, the venture was recently granted site-plan approval by Clinton Township and the Borough of Lebanon to add 36 loading docks. The venture has plans to convert the property into a state-of-the-art regional distribution center for companies that service customers and retailers throughout the Northeast.
Jones Lang LaSalle has been hired as the exclusive leasing agent for the property, which is currently vacant. The Jones Lang LaSalle team on the assignment includes Robert Kossar, Mike Markey, Brian Knowles, Blake Chroman, Chris Hile and Dean Brody.
Built in 1978 and renovated in 1997, I-78 Logistics Center sits on a 100-acre tract of land located immediately off of exit 20B along Interstate 78. The property is located 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. Given the recent New Jersey Turnpike toll hikes, the property is even more attractive because I-78 is toll free.
“The I-78 Logistics Center piqued our interest because we could readily see the raw potential it has to be a premier distribution center,” said Eugene Preston, Managing Principal, Woodmont Industrial. “And we are confident the Jones Lang LaSalle team will quickly be able to identify high-quality tenants for the building.”
“With the upgrades to the property, we will be able to take advantage of the flight to quality that we are seeing as tenants look for more functional, efficient space,” said Marc Davidson, Portfolio Manager for the AEW Partners Funds. “The upgrades in combination with a location that is ideal for users who have to distribute throughout the northeast make it a great addition to the fund portfolio.
About Woodmont Industrial Partners
Woodmont Industrial Partners is an affiliate of Chatham, New Jersey based Woodmont Properties, a fully integrated real estate investment company established in 1963. Woodmont Industrial 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. For more information please visit www.woodmontindustrialpartners.com
About AEW Capital Management
Founded in 1981, AEW Capital Management, L.P. 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 $31 billion of capital invested in over $45 billion of property and securities in North America, Europe and Asia (as of September 30, 2011). 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.
# # #