JLL Capital Markets has arranged the $217.5 million sale of a seven-building, light industrial portfolio totaling 1.2 million square feet in East Hanover, Morris County.
JLL represented the seller, Urban Edge Properties, and procured the buyer, an investment fund managed by Morgan Stanley Real Estate Investing, and its operator and manager NJ-based Saxum Real Estate.
The portfolio, located along Murray Road consists of more 1.2 million rentable square feet across seven buildings that are fully occupied by 13 tenants. Key asset features include an average clear height of 21 feet and 945 total parking spaces.
The properties are located at 901, 903-906, 601 Murray Rd. and 151 Ridgedale Ave., in the high barrier-to-entry and supply-constrained market of Northern New Jersey. The Morris County submarket is the fourth largest submarket in Northern New Jersey, representing more than 33.4 million square feet of industrial space.
The JLL Capital Markets Investment Sales and Advisory team was led by Jose Cruz, Marc Duval, Jordan Avanzato, Nick Stefans, Jason Lundy and Austin Pierce.
“This was a remarkable transaction for both the seller and the buyer,” said Cruz. “The experience and financial wherewithal, collectively, was instrumental to getting a deal of this size done in current environment.”
“This portfolio, which was heavily competed for, demonstrates the available capital for industrial assets despite the challenges that the market is experiencing,” added Duval.
To access more business news, visit NJB News Now.Related Articles: