Woodmont Industrial Partners (WIP), a real estate development and investment firm, announces that it has sold I-78 Logistics Center, a premier distribution center located at 111 Cokesbury Road in Clinton, for a price of $28,066,500 ($38.50/psf).
The sale of the 729,000 square-foot facility, which WIP acquired in February 2012, comes on the heels of a $4-million capital improvement program that included the addition of 36 new loading dock positions, T-5 lighting and new HVAC and sprinkler systems, as well as a parking lot expansion to accommodate both shipping and parking needs.
“The buyer was drawn to I-78 Logistics Center in large part due to the recent upgrades to the space, coupled with the property’s strategic location along Interstate 78,” said Eric Witmondt, principal of Woodmont Industrial Partners. “As we continue to expand our reach, this disposition is a prime example of our strategy of capitalizing on new opportunities in New Jersey, Central Pennsylvania and the Lehigh Valley regions.”
The I-78 Logistics Center, one of the largest distribution centers in the NJ/PA markets, sits on a 100-acre tract of land located immediately off of exit 20B along Interstate 78. The property is located just 40 miles west of the Ports of Newark and Elizabeth and in close proximity to New York City, Newark International Airport, the Lehigh Valley and Philadelphia.Related Articles: