CLINTON—WoodmontPartners and AEW Capital Management have jointly acquired the I-78 Logistics Center located at 111 Cokesbury Road in Clinton.
This is the first of a number of strategic acquisitions of industrial properties in seaport and inland port markets in the eastern U.S. Woodmont Industrial and AEW anticipate acquiring $250 million of assets under thisprogram. Target markets for the venture include Northern New Jersey, Eastern Pennsylvania, Baltimore, Washington and South Florida. AEW invested in the property on behalf of AEW Partners VI, the sixth in the firm's series of opportunistic funds.
The venture was recently granted site-plan approval by Clinton Township and the Borough of Lebanon to add 36 loading docks. The venture has plans to convert the property into a regional distribution center for the Northeast.
Jones Lang LaSalle has been hired as the exclusive leasing agent for the property, which is currently vacant. The Jones Lang LaSalle team on the assignment includes Robert Kossar, Mike Markey, Brian Knowles, Blake Chroman, Chris Hile and Dean Brody.
Built in 1978 and renovated in 1997, I-78 Logistics Center sits on a 100-acre tract of land located immediately off of exit 20B along Interstate 78. The property is located 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.