Denver-based investment firm EverWest Real Estate Partners has purchased a 104,000-square-foot industrial facility located at 77 Moonachie Ave., Moonachie, Woodmont Industrial Partners recently announced.
EverWest said it plans to implement a capital improvement program to the warehouse, which includes raising the roof and adding new loading docks. Parking lot, office and façade improvements will also be carried out by EverWest.
“We were pleased to use our expertise to add value by delivering the necessary approvals to renovate and revitalize this property,” said Eric Witmondt, CEO of Woodmont Industrial Partners. “The improvements that EverWest will now shepherd to completion will make 77 Moonachie Avenue attractive to a wide array of tenants.”
Financial terms for the transaction were not disclosed. Woodmont Industrial purchased 77 Moonachie in summer 2016.
Last year, Woodmont Industrial Partners, the seller, transacted over 2 million square feet of industrial space in New Jersey and Pennsylvania. And in the past five years, the developer has focused on acquiring assets near the New York and New Jersey ports, and in the inland ports of the Lehigh Valley and Central Pennsylvania.
The property, 77 Moonachie Ave., is located 10 miles from the Lincoln Tunnel and George Washington Bridge. The property is proximal to Routes 80, 46 and 3.