Accordia Realty, EverWest to Develop 85 Stults Road in Dayton, NJ
JLL arranged the land sale to construct a 203,488-square-foot distribution and warehouse facility on the site.
DAYTON, NJ—A joint venture between Accordia Realty Ventures and a separate account client of EverWest Real Estate Investors have started construction on a 203,488-square-foot industrial property at 85 Stults Road in Dayton, NJ.
Accordia Realty Ventures and EverWest, on behalf of its client, were represented by Joel Lubin, executive managing director, and Brian Golden, executive vice president, both with Jones Lang LaSalle. The pair worked closely with Joseph Romano and Jason Bogart, principals, at Accordia Realty, and with Mark Bigarel, senior vice president and head of acquisitions, at EverWest, in the acquisition of the site, the planning of the new building and will continue on as the marketing team for the project.
The owners acquired the property and the adjacent 83 Stults Road building from Hermann’s Services in February 2017. Accordia Realty and EverWest, later signed a sale-leaseback with the logistics and distribution company, allowing Hermann’s Services to continue to occupy 83 Stults Road for one year. JLL represented Accordia Realty and EverWest in both the initial sale and the sale-leaseback.
“Accordia Realty and an EverWest client bought the building and adjacent land in February 2017 with the intention of working with the local municipality to receive approvals for the construction a new distribution and warehouse facility at 85 Stults Road,” says Golden. “The risk was buying land that was not entitled, but the site is adjacent to the New Jersey Turnpike’s Exit 8A, in the midst of the hottest industrial market in the state, and there is very little supply in this submarket.”
Accordia Realty and EverWest will construct 85 Stults Road on 20 acres of land located adjacent to 83 Stults Road. The property will include 36-foot clear ceiling heights, 52 load docks, four drive-in doors, 38 car parking spaces and 75 trailer stalls. Site work has commenced and construction on the new distribution and warehouse facility is expected to be completed in early 2019.
As previously reported by GlobeSt.com, in April 2018, One Stop Logistics signed a 10-year lease for the entire 369,000-square-foot 83 Stults Road.