CHATHAM, N.J. — Woodmont Industrial Partners (WI Partners), has formed as a new venture focused on acquiring industrial properties in select, high-barrier-to-entry and globally oriented seaport and inland port markets in the Eastern United States.
The venture is an affiliate of real estate development and management firm Woodmont Properties, led by Managing Principal Eugene Preston, and Principals Eric Witmondt and Marc Lebovitz. Collectively, the principals of WI Partners have acquired or developed more than 14 million square feet, including properties in such states as New Jersey, Pennsylvania, Florida, California and Texas.
Preston, who is responsible for sourcing opportunities and managing the WI Partners’ portfolio, previously held the position of senior vice president at ProLogis, where he directed development and acquisition activities for the company’s Northeastern region. Witmondt is currently chief executive officer for Woodmont Properties, and David Trager, chief investment officer for Woodmont Properties, holds the same position with WI Partners. Lebovitz is focused on delivering strategic and operational expertise for WI Partners and is president of Romark Logistics, which specializes in regional, national and international supply chain management solutions.
“The principals of Woodmont Industrial Partners are uniquely qualified among their peers because they bring together highly complimentary skill sets in logistics, real estate development and investment, and industrial property operations,” said Preston in a statement. “WI Partners’ principals provide the comprehensive foundation and experience necessary to successfully identify and capitalize on port-related acquisition and development opportunities.”
The venture is initially focused on opportunities in the seaports of New York/New Jersey, Baltimore and South Florida, as well as the inland distribution centers of the Lehigh Valley and Harrisburg areas of Pennsylvania.
“Due to continuing market shifts, the Eastern U.S. seaport and inland port markets are poised for tremendous growth, and our firm has a distinct competitive advantage to execute a full-range of solutions to unlock the highest and best value for port-related properties,” Preston added.
WI Partners already has one property under contract: a 729,000-square-foot building in Clinton, N.J. The high quality property has direct access to Interstate 78, making it an ideal intercept location for Port Newark/Elizabeth and the Lehigh Valley. WI Partners is planning a strategic repositioning program for the asset.
Additionally, WI Partners has retained Cushman and Wakefield to identify investment capital partners for co-investment opportunities. The venture is seeking to raise $300 million to create a portfolio of eight to 10 million square feet.
“Few investors are aggressively pursuing a strategy that specifically focuses on capitalizing on the anticipated, significant growth in port-related activity along the east coast following the expansion of the Panama Canal,” added Preston. “We believe WI Partners has formed at the right time, and is uniquely positioned to build a portfolio of high-quality assets in this sector.”
— Dan Marcec