New York, NY, July 15, 2024 (GLOBE NEWSWIRE) -- Thor Equities Group, a global leader in urban real estate development, leasing and management, is pleased to announce the acquisition of a 180,000 square foot industrial asset in New Jersey for $25.6M. This latest acquisition represents the eighth industrial acquisition in the New York metro area for Thor, and fourth industrial acquisition overall within the last month.
Situated on 8.6-acres in West Deptford, New Jersey, 1370 Imperial Way offers immediate proximity to the Philadelphia metropolitan area and is located less than two hours from both New York City and Baltimore. Directly off of I-295 and under twenty minutes from the Port of Philadelphia and Philadelphia International Airport, the asset features ideal connectivity and offers users the ability to access more than 50 million consumers within one day. The facility also includes approx. 5,000 square feet of office space, 22 dock high doors, 23’ clear heights, and offers rail access.
“We are pleased to announce the substantial expansion of our industrial portfolio in recent weeks. Collectively, our new acquisitions exceed 2 million square feet of premier facilities in strategic markets like Philadelphia, representing our confidence in the industrial sector. We believe this asset will enhance our portfolio’s performance and look forward to showcasing our asset management and development capabilities,” said Chairman of Thor Equities Group, Joe Sitt.
Also in the Philadelphia market, Thor owns 4219 Richmond Street which consists of five highly functional industrial properties on over 16 acres exceeding 118,500 square feet. Thor’s additional industrial holdings in New Jersey include recently acquired 556-600 Progress Street in Elizabeth, 153 Linden Street in Passaic, 241 Oraton in Newark, and 14-22 River Road in Bogota, which the firm recently restored rail access to. Also in the Northeast, Thor owns two assets in New York and one in Philadelphia. The firm has amassed a widespread industrial portfolio with holdings in other key markets in California, Georgia, Texas, and Illinois in the US; and Spain, France, the UK, and the Netherlands abroad.
Thor’s recent activity includes the acquisitions of a 111,500 square foot facility in Elizabeth, New Jersey, a 250,000 square foot, fully leased facility in the thriving border town of Laredo Texas; and portfolio of 9 assets in Mexico’s Saltillo and Ramos Arizpe markets exceeding 1.6M square feet. Thor’s Chairman, Joe Sitt, spoke again on Bloomberg TV’s Wall Street Week about his conviction in commercial real estate opportunities across Mexico, as well as investor interest in light of the recent election.
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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 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.
