NEW JERSEY—A joint venture comprised of WoodmontPartners and AEW Capital Management (AEW) has acquired a 385,000-sq.-ft. industrial building in the Arcadia West Industrial Park in Kutztown, Pa. from Endurance Real Estate Group. Cushman & Wakefield’s team of Gary Gabriel, executive vice president; Paul Torosian, executive director; John Plower, associate director; and Gerry Blinebury, senior director brokered the sale.
Located at 9747 Commerce Circle, the building is fully leased to three tenants, including Teva, Palram and Hearth and Home.
“Unlike our recent two purchases, which required us to embark on much needed capital improvements, this is an acquisition of a fully leased stabilized asset”, said Eric Witmondt, principal of Woodmont Industrial Partners. “This first-class asset, coupled with our other two recent purchases, strengthens our position along the Route 78 corridor.”
This is the third acquisition in 2012 for Woodmont Industrial Partners, and the second in Pennsylvania this month.