MORRISTOWN, NJ, June 15, 2021 – JLL Capital Markets today announced the closing of the sale of a fully leased 50,400 square foot last mile distribution facility to a premier multinational tenant in Branchburg, New Jersey.
JLL marketed the property on behalf of the seller, Elberon Development Group and The Avidan Group. NorthBridge Partners purchased the asset.
The facility is located on 3.49 acres at 161 Meister Ave., less than a mile from State Route 22, the area’s main commercial thoroughfare. The property is also just minutes from Interstates 78 and 287, two of the largest and busiest highways in the New York metro area. Additionally, 161 Meister Ave. is located in what is known as New Jersey’s “wealth belt” due to median household income more than twice the national average.
The tenant occupies 161 Meister Ave. since its construction in 1988 and uses it as a last mile delivery hub serving Somerset County and the wealthy regional community. The tenant, who has an unrivaled logistics network that sorts and processes more than 17 million shipments per day, recently signed a long-term lease extension, demonstrating the property’s strategic position to serve the booming industry. boom. The building has a clear height of 22 feet, five entrance doors and has recently seen major upgrades including new offices, brand new LED lighting and replacement of all HVAC systems.
The JLL Capital Markets team representing the sellers was led by Marc Duval, Jordan Avanzato, Mike Oliver, Jose Cruz and Mike Kavanagh.
“This is the most active and robust industrial market that we have seen the entire cycle,” said Duval. “Investors continue to seek opportunities in the industrial space and existing operators are rapidly expanding their platforms.”
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupants. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients – be it investment selling advice, debt placement, equity placement or recapitalization. The company has more than 3,700 capital markets specialists around the world with offices in nearly 50 countries.
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Jones Lang LaSalle inc. published this content on June 15, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 15 Jun 2021 07:25:04 PM UTC.