EverWest, Woodmont Buy New Jersey Office Building, Plan Industrial Redevelopment
SOMERSET, N.J. — EverWest Real Estate Investors and Woodmont Properties have acquired an office building and adjacent development site in the Northern New Jersey community of Somerset with plans to redevelop the building and site into a 426,000-square-foot industrial complex. The partnership acquired the 351,782-square-foot building and seven-acre land parcel for $42.7 million. The new industrial complex will consist of two buildings spanning 294,000 and 132,000 square feet. Completion of the redevelopment is slated for 2023. Elli Klapper, Kevin Dudley and Mark Silverman of CBRE brokered the deal in conjunction with Stephen Feinberg of EverWest and Anthony Amadeo of Woodmont.