Thor Buys Industrial Development Site in Bogota, NJ, for $50M: Sources

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Thor Equities Group snagged a development site in New Jersey for around $50 million with plans to build a new, 150,000-square-foot industrial building at the site, according to a source familiar with the deal.

Thor plans to build a Class A, last-mile distribution center on the 10-acre site at 14 to 22 River Road, replacing the existing Class C warehouse, and has hired the design firm Ware Malcomb, according to a representative for Thor. 

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The Manhattan-based landlord and developer likely purchased the building from Skybrook Capital, which bought the parcels of land near Route 80 in three transactions in 2021 for around $37 million, according to property records. The $50 million sale price represents a 35 percent increase from what Skybrook snagged the properties for last year.

The deal for the site, located in the town of Bogota, closed on March 23, according to Thor, which 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 Sitt, Thor’s chairman, said in a statement. “Our new development will allow users efficient access to the most populous region in the United States and we expect strong leasing activity as the demand for e-commerce continues to accelerate.”

The new building Thor plans to construct will have 22 loading docks, 151 parking spaces and 25 trailer stalls, according to the company. The site is leased, but Thor declined to identify the lessor. 

Skybrook did not immediately respond to requests for comment. 

Celia Young can be reached at cyoung@commercialobserver.com.