Whitehall Industrial Properties Makes First New Jersey Buy

CARLSTADT, NJ-Whitehall Industrial Properties is paying an undisclosed sum for a 164,850-sf industrial building in Carlstadt, NJ, marking the first acquisition in the state for the Edison, NJ-based firm. Whitehall, headed by president Michael Nachamkin, is an affiliate of Goldman Sachs & Co. The company was founded less than a year ago with the goal of acquiring and redeveloping industrial properties from Boston to Washington/Baltimore. Prior to the Carlstadt buy, the company has acquired properties in Westborough, MA and Baltimore.

Pioneer Industries currently occupies the Carlstadt property, but is expected to move on in the near future. Whitehall plans to convert the facility into a high-tech/flex building and is targeting both single- and multi-tenant users. It’s expected to be ready for tenancy by next spring.

For its acquisition ventures, Whitehall has been funded to the tune of $75 million by the Whitehall Street Limited Partnership of Goldman Sachs.