(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
CLINTON, NJ-Recently, Woodmont Industrial Partners formed an investment platform with AEW Capital Management L.P. to take on $250 million in port-related industrial assets Currently the team are ready to take the next step and move into deciding just exactly they want to do with the assets. In that vein, a recent company release highlights that the team are looking for acquisitions in seaport and inland port markets in the eastern US.
Why look at these markets? Managing partner Gene Preston of Woodmont Industrial Partners expressed in the same statement that the partnership feels “these port-area markets have tremendous potential for growth due to the expansion of the Panama Canal, and our goal is to acquire a portfolio exceeding seven million square feet.”
The JV first acquired the I-78 Logistics Center here – a site that is now vacant – and it will now be converted into a regional distribution center for companies that service customers and retailers across the Northeast, the release reveals.
Looking ahead, the partnership aims to acquire a variety of commercial real estate sites including single assets or portfolios over $10 million, distressed sites and infill sites in land-constrained port markets. The desired markets, according to the most recent information are northern New Jersey, eastern Pennsylvania, Baltimore, Washington and South Florida.
Representatives from either company could not be directly reached at press time.
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