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Whitehall Buys Up Another Group of Industrial Properties

CARLSTADT, NJ-Goldman Sachs affiliate adds 12 more buildings totaling more than 650,000 sf to its rapidly growing Garden State holdings as its aggressive acquisition program continues to move forward.

By Eric Peterson | Updated on November 08, 2000

CARLSTADT, NJ-Since it was founded only nine months ago, Whitehall Industrial Properties, based in Edison, NJ has become one of the key players in that property sector in New Jersey. The firm’s holdings just got a lot bigger with its buy-up of a 12-building industrial portfolio in this Meadowlands submarket town. David Ferber of SBWE represented Whitehall in the transaction; the seller was a private investment group.

Altogether, the latest dozen add up to some 650,000 sf of space; the buildings, which range from 17,000 to 100,000 sf, are 85% leased. Because the Meadowlands industrial market is one of tightest in the country with a vacancy rate of under 3%, Whitehall plans to launch a major interior and exterior upgrade to help get the remaining 15% leased up, according to company president Michael Nachamkin. Plans include new landscaping, facades, common areas and electrical and mechanical upgrades.

As part of the deal, Whitehall also acquired 30 acres of land with a development potential of 425,000 sf. The company has necessary approvals already in place and expects to start construction of a new 350,000-sf industrial building. The facility will be available for sale or lease as a build-to-suit.

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