14-22 River Road Update 03/30/22

Ahead of New Development, NJ Industrial Site Trades for $50M

A 10-acre industrial site, spanning 14-22 River Road in Bogata, New Jersey, has just been sold for $50 million. The property was purchased by from the previous owner, , in an arms-length transaction.

Thor already has plans to demolish the existing Class-C warehouse so it can build a last-mile distribution center. Designed by , the new Class-A facility would total square feet and boast 22 loading docks. It would also have an employee lot with parking spots, and yard space for 25 tractor-trailers.

is letting go of the property after only one year of ownership. Having purchased it for just $37 million in 2021, however, the company is walking away with a hefty $13 million profit. Not a bad deal for a quick flip!

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