Woodmont Industrial Partners Hires Jones Lang LaSalle to Market I-78 Logistics Center
CLINTON, N.J. (December 5, 2011) – Woodmont Industrial Partners (WI Partners), a new venture focused on acquiring industrial properties in select, high-barrier-to-entry and globally oriented seaport and inland port markets in the Eastern United States, has hired Jones Lang LaSalle to lease the 729,000-square-foot I-78 Logistics Centerlocated at 111 Cokesbury Road in Clinton, N.J. Additionally, WI Partners hassecured approvals from Clinton and Lebanon townships to add 36 loading docks and convert the building into a state-of-the-art distribution center.
Built in 1978 and expanded in 1997, I-78 Logistics Center sits on a 100-acre tract of land along Interstate 78. The strategic location provides exceptional access to the Ports of Newark and Elizabeth, New York City, Newark International Airport, and the Lehigh Valley. Currently the building is vacant.
The Jones Lang LaSalle team managing the assignment includes Managing Directors Robert C. Kossar, SIOR, David Knee,Charles Fern, and Brian Knowles; and Vice Presidents Blake Chroman, Chris Hile and Dean Brody
“I-78 Logistics Center presents a tremendous opportunity to transform a well-located industrial building into a cutting-edge distribution center for local, regional and national distribution,” said Gene Preston, Managing Principal, WI Partners. “This building has an ideal location for any number of companies that distribute products throughout the Northeast, and we are confident that the experienced team at Jones Lang LaSalle will identify high-quality tenants for the property.”
The facility offers 10,000 square feet of finished office space, a 24-foot clear ceiling height in the original 360,000 sf section and a 35-foot clear ceiling height in the 369,000 sf new section. There will be a total of 83 tailboard docks with one drive-in door when the recent approved new docks are installed early next year. 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.
According to analysis performed by Jones Lang LaSalle’s Supply Chain and Logistics Solutions Team using a proprietary modeling tool, for many user groups, 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.
“The upgrades planned for this property will strongly position it to support the needs of today’s users, and provides flexibility and divisibility,” stated Kossar. “Furthermore, the building’s location along the toll-free I-78 only 40 miles from the Port of Newark/Elizabeth makes it an ideal regional distribution center.”
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.
The venture 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 Woodmont Properties 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. The venture’s goal is to create a portfolio of high-quality assets via the acquisition of individual properties or portfolios as well as development opportunities.
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