EverWest Real Estate Investors has added again to its New Jersey industrial portfolio with a $37.1 million warehouse acquisition. Negotiated as a sale-leaseback, the 117,000-square-foot building is fully occupied by Diamond Chemical, one of the nation’s largest privately owned cleaning and sanitizing product companies.
“As a sale-leaseback, this acquisition provides secure conditions under which EverWest can continue to grow its footprint in this highly coveted U.S. industrial submarket,” said John Maurer, EverWest senior vice president of portfolio management. “The Meadowlands offers unmatched access to the ports and the tri-state population, with a lack of supply and historic demand that is further amplifying value.”
Located at Union Avenue and Dubois Street, the Meadowlands building sits within a submarket boasting a sub-2 percent vacancy rate and a consistent 15 percent year-over-year rent growth. The building is leased by Diamond Chemical, who under the
