August 8, 2014 at 7:20 AM
FAIRFIELD, NJ – On August 4, Woodmont Industrial Partners (WIP), an affiliate of Woodmont Properties, has announced that David Iacobucci has joined as managing director, based in the firm’s Fairfield, New Jersey office. In this role, Iacobucci will be responsible for overseeing day-to-day operations and for sourcing and closing new investments to grow WIP’s portfolio of seaport and inland port-oriented warehouse distribution facilities.
“David is a well-respected industry leader, and his expertise, depth of relationships and strategic approach will be a significant addition to our expanding platform, as we continue to seek new opportunities that provide capital appreciation with exceptional risk-adjusted yields,” said Eric Witmondt, chief executive officer of WIP. “His guidance will be an asset in identifying, securing and developing investment-grade industrial properties in markets that present the greatest value.”
WIP targets strategically located industrial properties that offer excellent access to ports, in close proximity to major logistic hubs. The firm’s market focus is on select, high-barrier-to-entry and globally oriented seaport and inland port markets in the Northeastern United States.
“Woodmont Industrial Partners is well-positioned for continued growth, and I look forward to the exciting new projects that are already in the pipeline, capitalizing on current opportunities as real estate fundamentals strengthen in the industrial sector, and building upon the world-class platform that is already in place,” said Iacobucci.
Prior to joining WIP, Iacobucci was Division Manager of Baker Properties, the income property division of regional real estate owner/developer The Baker Companies, where he was responsible for profitably managing and growing the company’s portfolio of industrial properties located primarily in New Jersey and Eastern Pennsylvania. During his tenure at Baker, Iacobucci was involved in sourcing and closing acquisitions and dispositions for the firm in excess of $300 million, oversight of leasing and management, and procuring entitlements, development approvals and project oversight for industrial projects in excess of 1.7 million square feet.
Prior to Baker, Iacobucci was Director of Asset Management for a regional real estate investor/developer in New Jersey where he was responsible for overseeing the renovation, re-leasing, financing and disposition of opportunistic suburban office investments in a joint venture partnership with Credit Suisse|First Boston, valued at over $55 million. Iacobucci also managed the ground-up development of a Class A office building that was a build-to-suit for a national insurance company, as well as a speculative industrial/flex building from land acquisition through entitlements, design, construction and lease-up.
Previously, Iacobucci managed a $130-million portfolio of distressed property and loans for Archon Group, a Goldman Sachs affiliate. Iacobucci’s background includes four years of commercial loan workout experience with a Boston-based commercial bank, five years of real estate investment banking experience and nearly 15 years of progressive responsibility identifying and creating value in commercial real estate at private equity firms through acquisitions, dispositions, development, construction, leasing, management and finance.
Iacobucci is a licensed real estate salesperson in New Jersey and a member of the New Jersey chapter of NAIOP.