Thor buys industrial development site in Bogota, NJ, for $50 million: Sources – Trade Observer
Thor Equity Group landed a development site in New Jersey for around $50 million with plans to build a new 150,000 square foot industrial building on the site, according to a source familiar with the matter.
Thor plans to build a last-mile Class A distribution center on the 10-acre site at 14 for 22 river roadreplacing the existing Class C warehouse, and hired the design firm Ware Malcombaccording to a rep for Thor.
The Manhattan-based owner and developer likely purchased the building from Skybrook Capital, which bought the plots of land near Route 80 in three transactions in 2021 for about $37 million, property records show. The $50 million sale price represents a 35% increase over what Skybrook bought the properties for last year.
The deal for the site, located in the city of Bogota, closed on March 23, according to Thor, who declined to comment on the identity of the seller.
“Thor’s latest acquisition reflects our ability to identify strategically located assets in supply-constrained markets,” Joseph Sittthe president of thor, said in a statement. “Our new development will provide users with efficient access to the most populous region of the United States and we expect strong rental activity as e-commerce demand continues to accelerate.”
The new building that Thor plans to build will include 22 loading docks, 151 parking spaces and 25 trailer locations, according to the company. The site is leased, but Thor refused to identify the lessor.
Skybrook did not immediately respond to requests for comment.
Celia Young can be contacted at [email protected].