New York, NY, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Thor Equities Group, a global leader in real estate development, leasing and management, is pleased to announce construction milestones at two if its industrial assets in Northern New Jersey: 14-22 River Road in Bogota, and 153 Linden Street in Passaic. The firm also recently completed construction of a Class-A warehouse in Chicago's O'Hare submarket at 1211 Tower Road in Schaumburg, Illinois.
At 14-22 River Road in Bogota, Thor is nearing completion of a 200,000 square foot industrial building that will offer tenants best-in-class features and the potential for dedicated rail access onsite. After acquiring the property in 2022, Thor repurposed the asset which now boasts 18’ ceiling heights, office space, 157 parking stalls, and 20 loading docks – 5 of which are brand new with a newly paved truck court. The 10-acre property is located directly off one of New Jersey’s most heavily trafficked expressways, Route 80, and allows for easy access to the NYC metro area as it is situated just five miles from the George Washington Bridge.
Nearby in Passaic, Thor Equities is planning to kickoff construction at 153 Linden Street to improve both the existing site and buildings to transform the facility for modern-day industry. Thor plans to add 23 loading docks, an additional 16 truck parking stalls, 2 drive in doors, and 61 car parking stalls. The roof will be raised to create a uniform 27’ clear height across the entirety of the approximate 230,000 square foot warehouse. In addition, an ESFR sprinkler system will be installed, upgraded electrical, plumbing, mechanical, and lighting infrastructure will be put in place, and the exterior of the building will be refurbished with façade repairs and a refreshed appearance. The 10-7-acre property located less than five minutes from Route 21, one of Northern New Jersey’s main North/South throughfares. The asset is also thirteen miles north of Newark International Airport, and most importantly offers direct access to the second largest port in the United States, Port Newark.
Thor Equities has been active in the high-performing Northeast industrial market for years and owns additional properties in Newark, Brooklyn, and Deer Park, Long Island. All assets offer users offers an opportunity to access one-third of the U.S. population within hours. Outside of the Northeast, Thor owns industrial assets in California, Georgia, Texas, Pennsylvania, and Illinois in the US. In Chicago, Thor recently completed construction of a 108,471 square foot, Class-A warehouse. Located thirty minutes from Chicago’s central business district and 15 minutes from O’Hare International Airport, the development is under a half mile from Meacham and the I-90 Interchange and less than two miles from I-290 and the I-90 four-way interchange.
“Thor Equities is proud to reach these construction milestones and we look forward to keeping up the strong development momentum across our entire portfolio,” said COO of Thor Equities Group, Melissa Gliatta. “We thank our dedicated team members and the excellent contractors for their efforts to make these redevelopments successes.”
Thor’s recent activity includes the refinancing of an asset in South Florida, sale of assets in Austin and Chicago, and appointment of a new EVP to lead the firm’s data center division. In late 2023, Thor’s CEO and Chairman, Joe Sitt, made a guest appearance on Bloomberg’s Wall Street Week in December to discuss investment opportunities in Mexico where the firm is extremely active through its Latin American division, Thor Urbana.
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About Thor Equities Group
Thor Equities is a leader in the development, leasing and management of industrial, laboratory, residential, office, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 20 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.
