Woodmont and Insurance Company Acquire Somerset County Industrial Property

On Apr 25, 2025

Woodmont Industrial Partners (Woodmont) and a major U.S.-based insurance company have formed a strategic joint venture partnership to recapitalize and acquire 400 Atrium Drive, a prime 30.6-acre industrial asset in Franklin Township, Somerset County. Located on a premium development tract along the New Jersey Turnpike, this deal and subsequent redevelopment represents the first collaboration for the partnership.

The expansive complex at 400 Atrium Drive will feature over 370,000 square feet of Class A warehouse space spread across two facilities in a highly desired industrial submarket. The site will feature ample surface parking spaces for cars and trailers. Building One will be approximately 255,000 square feet and will offer a 40’ clear height, 44 loading docks and two drive-in doors. The second, a 115,000-square-foot building, will feature a 36’ clear height, 34 loading docks and two drive-in doors.

“Atrium Drive illustrates Woodmont’s commitment to delivering high-quality industrial space in one of the Northeast’s most sought after markets,” said Anthony Amadeo, executive vice president of Woodmont. “With limited new supply expected through 2026, this strategic redevelopment is well-suited for long-term success. We’re pleased to commence our new partnership with this redevelopment that will be in strong demand upon completion. We are confident that the site’s access and connectivity to key ports and distribution networks, efficiency and modern facilities will lead to success.”

Located in the I-287/Exit 10 submarket, which saw over 2.8 million square feet of leasing activity last year, 400 Atrium Drive affords convenient access to I-287 and the New Jersey Turnpike, as well as Newark Airport, the Port of Newark and the New York City metropolitan area. The property is neighbored by Amazon, Nissan North America, PIM Brands, Veritiv and CRST, among others, and marks the insurance company’s first establishment in this notable submarket.

John Alascio and Chuck Kohaut of Cushman & Wakefield coordinated the debt with New York Life.

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