What the Chicago-based Orix is getting for its portfolio is a land parcel already cleared for up to 368,112 sf of new warehouse/distribution space in the Meadowlands market just west of New York City. Whitehall acquired the site back in 2000 and subsequently completed all site plan approvals. And, yes, the site is located within a so-called "green" zone slated for facilitated development on the latest version of the state's development map, introduced recently by Gov. James McGreevey.
Whitehall Industrial Properties, headed by CEO Michael Nachamkin and bankrolled by the Whitehall Street Real Estate Limited Partnership of Goldman Sachs, is based in Edison, NJ. The firm's senior vice president, Mark McConnell, terms the transaction "another example of our 'value creation' strategy at work."
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